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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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Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
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Showing 1621 to 1625 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- White Energy Company Limited
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
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