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