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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, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
Friday, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
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Showing 1646 to 1650 news of total 6871 |
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- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Australian Coal Association
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- VISA Power Limited - India
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