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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
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