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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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Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 08 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
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- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
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