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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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Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
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