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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 02 March 23
DRY BULK MARKET: THE WAY CHINA GOES, SO GOES THE MARKET - BIMCO
We expect demand growth within the 1.5-2.5% range in 2023, driven by China’s economic recovery. Improvements in consumer sentiment should hel ...
Thursday, 02 March 23
INDIA, CHINA DEMAND BOOST LOW-RANK THERMAL COAL PRICES IN ASIA - RUSSELL, REUTERS
Signs of stronger import demand from India have arrested the decline in price of the thermal coal grades most commonly sought by the world’s ...
Thursday, 02 March 23
INDIA CHEERS THE RETURN OF ‘KING COAL’ AS INDUSTRY SEES BUOYANT FUTURE - REUTERS
India’s coal industry celebrated the return of its major conference after a three-year pandemic hiatus by presenting a bullish view of demand ...
Wednesday, 01 March 23
GEO CONNECT ASIA RETURNS IN MARCH TO ACCELERATE THE REGION’S GEOSPATIAL AND LOCATION INTELLIGENCE CAPABILITIES
Press Release: The third edition of GCA will be held in conjunction with Digital Construction Asia and the inaugural Drones Asia – an event d ...
Wednesday, 01 March 23
THE DECLINE IN THE COAL PRICE SINCE THE BEGINNING OF THE YEAR HAS BEEN SIGNIFICANT - INTERMODAL
Last week, the front-month API2 future rose by 3.5%, but since the beginning of the year the future has fallen by 39% to $136.65/t, while the Newca ...
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- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
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