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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
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- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
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