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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, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- The University of Queensland
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
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