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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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Tuesday, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
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