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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Planning Commission, India
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
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