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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, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
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