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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- The Treasury - Australian Government
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
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