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