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