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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, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Aditya Birla Group - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
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