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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, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
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- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
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