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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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Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
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- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
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