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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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Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- White Energy Company Limited
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- The University of Queensland
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- PTC India Limited - India
- London Commodity Brokers - England
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
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