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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.
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, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Baramulti Group, Indonesia
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