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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, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- The University of Queensland
- GMR Energy Limited - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
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