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2016 ECONOMIES

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2016
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8th Shipping Congress

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Money
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Shipping
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C. Socratis Lazaridis President, Athens Stock Exchange
action.
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The key note speakers
from the Shipping Auditors and ShipD.
Eleftherios
President
if
their
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and discuss in a debate
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ping Finance firms
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Coordinator:
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if
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& analyst
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A Coordinator:

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Ted
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head
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D.Th.
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Maritime & Economics
A. Mathew
Los, Managing
Partner
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Investment
A.Harris
Vafias,
PresidentofofSTORM
STEALTHGAS inc
B.
George
Kofinakos,
Senior
Representative
C. Theodore Kontes, President of
Fund
Studies
B.Spyros
Capralos, ceo OF OCEANBULK CONTA
HARBOUR LONDON
FINANCE
.....
B. Spyros Capralos, ceo OF OCEANBULK CONTAINERS C.
C. Orestis Schinas,
Professor
of ShippingCorporate
and Ship Development Office
C. Harris Kosmatos,
C. Harris Kosmatos, Corporate Development Officer, of

Finance,
HAMBURG
SCHOOL
OF
B.
ADMIN.
D. Th. Chouliaras, President of the Institute TSAKOS ENERGY platinum sponsor
KOS ENERGY
D. Christos Timagenis, Partner at TIMAGENIS LAW FIRM
of Maritime & Economics Studies
D. Dr. Kostas Rokkos, Managing Director of TST
D.Zolotas Gerasimos, Partner of EUROFIN
INTERNATIONAL SHIPPING

E.Bertzeletou
Maria, Research team leader Ifchor G
E. George Gourdomichalis, Managing Director of Phoenix
F.Orestis Schinas, Professor of Shipping and Ship F
Shipping & Trading SA

F. Simos Varias, Director at Varship shipping

Head of,
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School, Hamburg Sch
MAJESTIC INTERNATIONAL
CRUISES Inc.

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PLATINUM

2016

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Stathopoulou,
Executive

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25
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- Bareboat Chartering ( Sailing Yachts / Catamarans /

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brokerage and sales of Beneteau range of boats. However, today, Vernicos Yachts is a leading name in all
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The company headquarters are located in a owned
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quality certificate ISO 9001.
This development intensifies our commitment to secure the best possible services for our clients. Vernicos Yachts fields of activities

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4, 6
8

POSIDONIA
2016
.24-25

26
26
4, 6

ing in Greece. In 1996, Vernicos Yachts was the first Yacht Brokerage
RS Class:
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an intimate knowledge of the Greek and the incompany worldwide to attain the certificate
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25
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19-30

11-22
11-22

The Impact A
of the 0,5%
2016 ECONOMIES

Global Sulphur Cap

POSIDONIA
A

Dr. John Kokarakis

Bureau Veritas
Vice President, Technology & Business Development
Hellenic, Black Sea Region & Middle East
Last October, the Marine Environment Protection Committee
of IMO made a critical decision, which is expected to have serious implications for the economics of shipping. This is the
decision to implement the global sulphur cap of 0.5% on January 1st 2020 applicable to all ships as required by MARPOL
Annex VI adopted in 2009. Shipping companies are called to
consult a crystal ball and predict the price of various fuels
in the future. It is expected that the cost of compliant low
sulphur fuel will be over 50% more than the cost of residual fuel (HFO). Within Emission Control Areas, ships must
burn fuels with 0.1 % sulphur content. Decisions are highly
dependent on the price differential between compliant and
residual fuel. The current price gap between residual and
distillate fuels is expected to increase due to increased future demand for distillates and increased fuel blending. It is
expected that the introduction of hybrid compliant fuels will
tend to decrease the price gap. The current predictions place
that gap in the range between 250 and 300 Euros per ton.Although adoption of low sulphur cap in the open ocean might
be a controversial decision, the target is to avoid acidification
of the ocean environment. It is well known on the other hand
that SOx aerosols in the atmosphere provide cooling effect
counteracting the warming green house gas layers. Discontinued use of Heavy Fuel Oil at high seas will remove the cooling effect of shipping as advised by prestigious institutions
such as MARINTEK and CICERO. The IMO decision is based

Figure 1: Hybrid scrubber in close loop mode

8-9
4, 6
8

2-18
O MARITIME

2016

.24-25

26
26
4, 6

on the availability of compliant fuel rather than the econom- engines and the boilers. Installation is especially challenging

ics. Shipping companies need to choose one of the following in retrofits. There are also associated operational costs like
Class: nuclear
three paths of compliance. The first is to useRS
compliant
low the icebreaker
power necessary to move the sea water, the cost of the
Arktika
launched
sulphur fuel (MGO) or hybrid ultra-low sulphur HFO,
payingwassludge
handling and that of chemical
In case
A consumables.

A

-HELEXPO

.
the higher fuel price. California accepts only this path at port the shipping company chooses to follow the scrubber
solu-
and at 24 miles from the coast. Another
path is to utilize an tion then it is recommended to install a hybrid type which
A

exhaust gas cleaning system like scrubbers

allowing them works in a closed loop mode in protected areas (Fig. 1)
and

to continue burning HFO. There is a lot of discussion on the in an open loop mode in the ocean (Fig. 2). An additional
from

availability of HFO after 2020. Last

but not
least,
a shipping advantage is the independence of the hybrid scrubber

company can choose to burn an alternative
fuel with mini- the local alkalinity of the sea water. Reasons
of space

econ

2016

mal or zero sulphur emissions like for

example
natural
gas or omy also dictate to utilize multi-inlet
scrubbers.
A
scrubber

;
22.000

8-92

24-25

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10

2
40-41

methanol. These alternative fuels do not require significant unit for a 20 MW total
power of exhausting units costs in. .the
modification of the existing internal combustion engines range between 2.5 to 3 million Euros with the higher price for
but there are problems with the availability and bunkering the retrofits. An additional 75% to these prices is an approxiof these fuels. Another critical issue is the cost of the stor- mate estimate for the installation cost. Figures 1 and 2 depict
age tanks for the natural gas and the peripherals associat- the fact that there is a dire need for space when it comes to
ed with the fuel distribution system. There is no doubt that scrubber installation. A scrubber serving a 20 MW engine has
LNG will be the lowest priced alternative but it definitely re- a height of about 11 meters and a diameter of 4 meters. The
quires significant capital investment. Evidently the age of recommendation to the shipping companies is to consider all
the ship will be a deciding factor, choosing a fourth path to four possible paths and perform a techno-economic study
send the vessel for recycling. At the same time, IMO Mem- prior to making a decision. The study will factor in fuel pricber States must address the critical issue of enforcement of es, capital and operational costs, trading pattern of the ship
compliance in order to guarantee fair competition and a level and expected utilization. Scrubber operation for example alplaying field. Remote Sensors installed on harbor entrance though, successfully tried in passenger vessels with many
pathways or sniffers on drones can detect if compliant fuel is small engines, it is on trial in cargo ships with fewer larger
used by the ship. Of course many advocate the on-board fuel engines. The uncertainty associated with fuel prices can be
sampling as the most legally sound test method. Utilization handled assuming two extreme cases, namely the price difof scrubbers is associated with high capital and installation ferential between distillates and HFO to be very high or low
costs. Scrubbers utilize premium space which increases in like today. Estimation of the Return of Investment (ROI) time
proportion to the combined power of the main and auxiliary will provide the KPI on what path to follow for compliance.

Figure 2: Hybrid scrubber in open loop mode

xpress MONEY
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28 12 2016

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2016 ECONOMIES

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25
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39.000 .
,

,
.

Celestyal Cruises Best Value for

Money Cruise Line 2016 Cruise Critic UK.



Celestyal Cruises
,
, 9 10
.
,
. ,

,
. ,
2016
35,2 . ,

2017, 16 . .
,
,

70%

HOME PORTING

TUI CRUISES

, 20% , 11%
, 13.000
7 ,
50%
.

Celestyal Cruises , ,
,

.
,
2015,
, 1.200
, .
, ,
,
, . ,

459

2016.

25
31

.21

36

Vessel Valuation

28 12 2016

economies
Xpress
press MONEY
Xpress
MONEY

111 8.6.2016
Liveupdate
update
online

www.libertypress.gr
. :
22.6.2016
Live

online

www.libertypress.gr
. : 117
14.9.2016 112

Chouliaras Theodore
& (www.Instimarec.org) Upmaritime London Ltd (www.UpmaritimeLondon.co.uk)

A
A

2-18
O MARITIME

A
2016 ECONOMIES

2015

8-9
4, 6
8
,

Baltic
Dry
Index
(BDI)

1.000 RS

Class: nuclear icebreaker

100%
- A
Arktika was launched
-HELEXPO
290 .
10 .
A

POSIDONIA
2016
.24-25

26
26
4, 6

19-30

11-22
11-22

24-25
8, 10

40-41

2016

22.000

8-92
. .

25
31

.21

Vessel Valuation

economies
Xpress
press MONEY
Xpress
MONEY

111 8.6.2016
Liveupdate
update
online

www.libertypress.gr
. :
22.6.2016
Live

online

www.libertypress.gr
. : 117
14.9.2016 112

28 12 2016

.
Ali Rabiei

19-30

11-22

11-22
, 2-18
A
O

5
Moore Stephens.
,
MARITIME

ECONOMIES

Moore

Stephens

,
, brokers,
- ICBC Bank

;

POSIDONIA

,

2016 .24-25

8-9
4,
6

8
26
26
4, 6 XRTC,

- 2016.
10, 2012 5,6
- (Preferred
RS Class: nuclear icebreaker
Shipping Finance Consultant)
2015.
Arktika was launched
A
A

-

-HELEXPO

.
.

A ,

21 2016 . Petrofin

XRTC
Research

China
2016,

2016

,

Development
Bank
. Xin Liu General Manager Ningbo

;
22.000

8-92
24-25
8, 10

40-41
. .
. . XRTC
- Branch
-
2009 container.

- . China Development Bank
, -
.

.

A 2016

$80.000.000
$70.000.000
$60.000.000
UPM

$50.000.000

LTAV

$40.000.000

LAST DONE

$30.000.000

WEIGHT AVER.

$20.000.000
$10.000.000
$-

VLCC

SUEZ

AFRA

PANA

MR

CAPES

PANA

SUPRA

HANDY

2
$160.000.000
$140.000.000

2013 JULY

$120.000.000

2012 JULY

$100.000.000

2011 JULY

$80.000.000

2010 JULY

$60.000.000

2009 JULY

$40.000.000

2008 JULY

$20.000.000
$-

VLCC

SUEZ

AFRA

PANA

MR

CAPES

PANA

37

SUPRA

HANDY

,

asset.
,
, 9 .
3 :
1.UPM INTELIGENCE ( Method by Upmaritime
London Ltd )
2.Long Term Asset Value (Method by Vereinigung
Hamburger Schiffsmakler)
3.Last Done
( Average of the latest purchase prices in last 2
Months )

:
1. 5
2.
1 year TC

2 .
3. 4

(

).
4.

.
5. scrap value
2 .
6. discount rate UPM,
LATV ,

Upmaritime London Ltd, .
Disclaimer

UPMARITIME LONDON Ltd (www.
UpmaritimeLondon.co.uk ). ,
,
, .

,

,
,
, .

25
31

.21

38

28 12 2016

economies
Xpress
press MONEY
Xpress
MONEY

111 8.6.2016
Liveupdate
update
online

www.libertypress.gr
. :
22.6.2016
Live

online

www.libertypress.gr
. : 117
14.9.2016 112

11-22
11-22

2016
:
A
O
MARITIME
A 2016 ECONOMIES

POSIDONIA

19-30

8-9
4, 6
8

RS Class: nuclear icebreaker

Arktika was launched

30 4 ,
, , , .
,
.
,

.
5

2016

A
-HELEXPO
.

.24-25

26
26
4, 6

2-18

24-25
8, 10

40-41

2016

22.000

8-92
. .

.
30
,
& , .
, . , ,
.
,