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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
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