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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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- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
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