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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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Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- The University of Queensland
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
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