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