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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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Tuesday, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
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