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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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Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
Wednesday, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
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- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Australian Coal Association
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
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