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