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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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Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
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Showing 1606 to 1610 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
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