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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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Tuesday, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Indian Energy Exchange, India
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