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