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Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
 Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the shipping industry around the topic. In order to meet internationally agreed levels of mitigation, shipping industry must undertake fundamental changes in its emissions pathway, while stakeholders need to implement effective solutions to reduce their emissions in a cost-effective and feasible way. Cost considerations, which typically represent the main part of the decision process, operational and market factors need to be addressed.
Adopting an economic and sustainable fuel solution to substitute fossil fuels is a complex process, facing headwinds from a current absence of targeted policies, such as renewable fuel mandate and carbon taxation. Fuel price is a shaping factor for change in the industry as bunkers, which represent approx. 47% of a vessel’s operating cost, will significantly increase under IMO’s regulations. Therefore, to continue running on cheaper fossil fuels, many vessels are being built or fitted with scrubbers, which equal 4.26% of the world fleet in 2022, according to our data.
This figure equals to 4,845 vessels, according to DNV, with most of them carrying open type scrubbers and 3,296 of them being retrofitted, while only 1,549 of them fitted at newbuilding stage. In terms of ship type most of them are bulkers (1,659), followed by containers (1,121) and chemical/oil tankers (573). In terms of alternative fuels, LNG currently seems the only green fuel that is viable commercially for the deep-sea segment in the short term, with a 0.74% total LNG capable fleet in 2022. In total, there are 817 LNG capable ships in operation, while 743 are currently on order, according to our data. Most of them are oil tankers (39 in operation and 35 on order), containerships (36 in operation and a massive number of 169 on order) and bulkers (13 in operation and 49 on order). However, despite low emissions, it will not be able to meet IMO’s regulations in the long term and will only represent a transitory fuel.
Regarding methanol and ammonia, these are scarcely in use, with only 56 methanol fueled vessels and very few ammonia fueled vessels in operation, of which 6 are tankers. Port infrastructure is currently under development with dominant initiatives from Vopak Terminal in Rotterdam for methanol and port of Gothenburg in Sweden which is establishing a value chain aiming at becoming the primary methanol bunkering hub in Northern Europe and the most recent development of Yara terminal in Oslo, the world’s first ammonia fuel bunker network in Scandinavia.
On the other hand, the use of biofuels still accounts for a small percentage of the world fleet. Owners are still skeptical towards the use of biofuels in the short term, as the additional cost for the fuel transition paired with a 10% premium on bunker cost, amidst a lack of well-established supply chain and infrastructures, will result in higher freights under an unclear framework on how this extra cost will be divided between involved maritime stakeholders. According to our data, there are currently 8 tankers, 9 bulkers and 10 containers in operation using biofuels.
From a technological point of view, fitting vessels with scrubbers or converting engines to run on alternative or biofuels is a costly and time-consuming process. For instance, to run on LNG, vessels require two to three times the volume of fuel oil tanks. Engines burning ammonia or hydrogen are still under testing & development phase and builders will need more time on top of the various safety concerns associated with the use of these fuels.
Regarding the electrification of vessels, batteries are not yet adequately developed and will need to become less heavy and space-consuming, as well as more efficient to support optimal ship operation. In the meantime, there are only 118 cold ironing facilities in operation and 47 more being decided for future operation globally (according to DNV), with most of them in Northern Europe and very few of them in USA/Canada and China for a total number of 466 battery-powered vessels in operation, 50% of them are hybrid type and only 23% of them pure electric, and 188 vessels on order at the moment.
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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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Planning Commission, India
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
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