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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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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Planning Commission, India
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
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