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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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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
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