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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
...
Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
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