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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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Friday, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
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- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Planning Commission, India
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Economic Council, Georgia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
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