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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.
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Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
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