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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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Sunday, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Planning Commission, India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
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