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