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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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Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
Wednesday, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
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Showing 1586 to 1590 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- The University of Queensland
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
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