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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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Saturday, 18 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Economic Council, Georgia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
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