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