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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- The University of Queensland
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
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