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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, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
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