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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Australian Coal Association
- Dalmia Cement Bharat India
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