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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
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