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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
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 ...
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- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- The University of Queensland
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
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