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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
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