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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, 17 January 23
CHINA'S SHANXI TARGETS 2023 COAL PRODUCTION OF NEARLY 1.37B TONS - XINHUA
China’s coal-rich province of Shanxi has set a coal production target of nearly 1.37 billion metric tons for 2023, according to a government ...
Tuesday, 17 January 23
MARKET INSIGHT - INTERMODAL
Rumor has it that the New Year has come, to set the pace in, for Russia to continue hostilities against Ukraine. Ten months on the go, into Russia& ...
Tuesday, 17 January 23
INDONESIA IS ACCOUNTING FOR 32.3% OF THE GLOBAL SEABORNE COAL MARKET IN 2022 - BENCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, Benchero ...
Tuesday, 10 January 23
INDONESIAN HBA IS SEEING A SPIKE IN JANUARY 2023 INSTEAD OF A SIGNIFICANT FALL IN DECEMBER 2022
COALspot.com: Indonesian Coal Price Reference up 8.43% in January 2023.
HBA is seeing a dramatic spike in January 2023 i ...
Sunday, 08 January 23
INDIAN COAL POWER PLANTS SHOULD BE COMPENSATED FOR 2022 FORCED GENERATION – REGULATOR : REUTERS
Indian power plants that rely on imported coal should be fully compensated when forced to supply electricity, the country’s power regulator s ...
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- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Economic Council, Georgia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
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