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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
 Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a surprisingly favorable Hi-5 spread. Under a blurred setting regarding the direction and efficiency of alternative fuels and the current geopolitical disruptions, owners tend to adopt a medium-term approach to the evaluation of their investment towards decarbonization, rather than a long-term which might be overturned.
Recent studies have shown that running on HSFO and on a scrubber produces way lower emissions than running on LSMGO, further confirming the viability of a scrubber investment. Currently, owners who will drydock their vessels soon are increasingly considering investing in pollution abatement technology, in return for the benefits from the expected savings in the bunkering costs.
Coming down to the decision-making, the choice of scrubber type is a key factor that shapes the fitting cost but will mostly affect future savings and compliance with changing regulations. While most vessels carry open-loop scrubbers, many vessels fitted now opt for hybrid types, which offer increased flexibility for operation in all areas, regardless of ECA’s constraining rules or seawater alkalinity. Technological investments have a special mechanism of assessment, therefore, payback period, level of risk, tax prospects and expected inflation should be considered. The main criteria regarding the justification of a scrubber investment should be the ROI (including CAPEX & OPEX), the space occupied, and the weight, with horizontal scrubbers weighting less and covering less space compared to vertical ones, thus, minimizing the impact on a vessel’s cargo-carrying capacity and its profitability. Due to the funding difference of the technology implementation, the terms of inflows (fuel savings) and outflows (CAPEX & OPEX) should be identified, while the determining factor will be the maximum payback period.
Currently, owners who have already invested in scrubbers are enjoying a high ROI, while benefiting from more than $500/t Hi-5 spreads. For instance, in Singapore it was assessed at an all-time high of $569.50/t on July 5th, creating, therefore, the perfect scenario for scrubber-equipped ships. In Fujairah, the set-up is pretty much similar with the spread fluctuating close to the $500/t range. While HSFO markets in Asia have been weakening on the back of sanctions on Urals crude in Europe and the US, VLSFO markets are seeing a tight supply as refineries have been utilizing sweeter crude to maximize gasoline production to meet the demand for the peak driving season in the US and due to the expanded regional turnaround and strong gasoline cracks.
At the moment, retrofitting times vary between 30 and 50 days, which is important to consider under the current market conditions. According to our data, retrofits now take place at a slower pace, while during 1H of 2022 only 3.7% of newbuilt vessels are scrubber fitted, compared to 13.9% during 1H of 2021. Since investments in technology are capital intensive, owners tend to keep a more conservative stance and ensure a balance in their fleets, until clarity is given on what will be the most cost-efficient and dominant compliant method.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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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Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
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- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Central Electricity Authority - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
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