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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- PTC India Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Planning Commission, India
- White Energy Company Limited
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
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