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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- White Energy Company Limited
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
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