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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 $5,100/day for a Handysize. MSI also predicted increased asset values for tankers with scrubbers given that the time-charter premium exists.
As the 2020 deadline approaches it becomes clearer that vessels with scrubbers will definitely benefit with substantial premiums, while the extend of the period during which these premiums will apply remains key to the competitive advantage the scrubber investment can offer. As far as bigger ships in either sector are concerned, the installation of a scrubber is considered a no brainer for most, while when it comes to smaller sizes things are not as straightforward, with slow steaming slowly but steadily starting to become a topic of interest as a result.
By Apostolos Rompopoulos
Oil Products
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
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- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Australian Coal Association
- White Energy Company Limited
- MS Steel International - UAE
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- The University of Queensland
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
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