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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- PTC India Limited - India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
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