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Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
 Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using emissions compliant fuels, or ensure that emissions are cleaned using an exhaust gas scrubber. We saw that even though scrubber retrofits started slowly, momentum has been building up as owners that are time-chartering their vessels stand to benefit.
There are currently reported more than 1,600 ships with confirmed scrubber projects when back in 2015 the number was in the low 200. Most of the recently singed projects are for bulk and oil/chemical ships, with bulk carrier retrofits in first place, oil/chemical tankers in second and containers in third place.
As per Skandinaviska Enskilda Banken AB’s (SEB) IMO 2020 Report, it is estimated that less than 2,000 vessels will have been fitted with scrubbers by the implementation date, while a significant price delta between HFO and LSGO is also projected, providing the scrubber installed vessels with a significant short-term advantage post 2020. With most reports out there highlighting this advantage one would normally wonder why aren’t more owners rushing to install scrubbers at the moment.
We understand that this “wait and see” approach is compounded by the fact that owners pay for scrubbers (CAPEX) and charterers pay for fuel (OPEX), and that if most vessels are operating without scrubbers, charter market prices will largely be set by those vessels factoring in higher fuel costs without a competitive disadvantage.
According to the same analysis by SEB, those moving to install scrubbers now will be at a competitive advantage compared to their non-scrubber counterparts in the first few years after the implementation. These first movers will likely be able to charge substantial “freight rate premiums” to account for the fuel related savings while operating the vessel. These premiums are projected to allow for a quick payback on the initial investment as others are focusing on scrubbers.
We have seen Koch fixing the M/T New Champion (310kdwt, blt ’18 China) from China Merchants Energy Shipping for two years at $29,750/day with an option to upgrade the ship with scrubber installation and increase the daily rate up to $35,000/day.
MSI has also calculated that in 2020, the value of the time charter premium for a Capesize vessel fitted with a scrubber will be $12,100/day, for a Panamax vessel it would be $6,800/day, $6,300/day for an Ultramax and $5,100/day for a Handysize. MSI also predicted increased asset values for tankers with scrubbers given that the time-charter premium exists.
As the 2020 deadline approaches it becomes clearer that vessels with scrubbers will definitely benefit with substantial premiums, while the extend of the period during which these premiums will apply remains key to the competitive advantage the scrubber investment can offer. As far as bigger ships in either sector are concerned, the installation of a scrubber is considered a no brainer for most, while when it comes to smaller sizes things are not as straightforward, with slow steaming slowly but steadily starting to become a topic of interest as a result.
By Apostolos Rompopoulos
Oil Products
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
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- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- PTC India Limited - India
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
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