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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, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
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