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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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- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
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