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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
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