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