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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
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