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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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