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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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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
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- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Planning Commission, India
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
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