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