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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.
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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
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