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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Australian Coal Association
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
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