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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, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Planning Commission, India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Australian Coal Association
- GMR Energy Limited - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
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