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