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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- The University of Queensland
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
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