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