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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
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