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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, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Planning Commission, India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- PTC India Limited - India
- CNBM International Corporation - China
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
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