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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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Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
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