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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- PTC India Limited - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- White Energy Company Limited
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
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