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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
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