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