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