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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- The University of Queensland
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
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