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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
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