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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Australian Coal Association
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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