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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, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Planning Commission, India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
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