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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Minerals Council of Australia
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- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
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- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
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- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Australian Coal Association
- The University of Queensland
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Eastern Energy - Thailand
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