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