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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
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