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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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Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
Monday, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
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Showing 1611 to 1615 news of total 6871 |
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- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Parliament of New Zealand
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
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