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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 $500/t range. While HSFO markets in Asia have been weakening on the back of sanctions on Urals crude in Europe and the US, VLSFO markets are seeing a tight supply as refineries have been utilizing sweeter crude to maximize gasoline production to meet the demand for the peak driving season in the US and due to the expanded regional turnaround and strong gasoline cracks.
At the moment, retrofitting times vary between 30 and 50 days, which is important to consider under the current market conditions. According to our data, retrofits now take place at a slower pace, while during 1H of 2022 only 3.7% of newbuilt vessels are scrubber fitted, compared to 13.9% during 1H of 2021. Since investments in technology are capital intensive, owners tend to keep a more conservative stance and ensure a balance in their fleets, until clarity is given on what will be the most cost-efficient and dominant compliant method.
By Chara Georgousi,
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
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- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
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