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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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- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
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