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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
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- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
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