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