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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- PTC India Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
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