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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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Friday, 29 July 22
GLENCORE TO SUPPLY COAL TO NIPPON STEEL AT $375 PER TON - BLOOMBERG
Glencore Plc, agreed to supply coal to Nippon Steel at one of the highest prices ever paid by the Japan Bloomberg reported on July 27.
...
Friday, 29 July 22
GLOBAL COAL DEMAND IS SET TO RETURN TO ITS ALL-TIME HIGH IN 2022 - IEA
The world’s consumption of coal is set to rise slightly in 2022, taking it back to the record level it reached nearly a decade ago, according ...
Thursday, 28 July 22
CREW FAMILIARISATION IS CRITICAL WHEN TAKING OVER A VESSEL - WEST P&I CLUB
Knowledge to Elevate
When a vessel changes ownership and/or manager, it can take some considerable time before the new crew and mana ...
Thursday, 28 July 22
RETURN OF COAL A THREAT TO EUROPEAN COMPANIES' ESG RATINGS - REUTERS
European companies turning to coal as an alternative to Russian gas face a hit to their environmental, social and governance ratings, leaving them ...
Wednesday, 27 July 22
MARKET INSIGHT - INTERMODAL
Amid the upcoming ban on Russian coal from the EU, which will be in full effect on August 10th, EU nations have been accelerating their coal import ...
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- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Australian Coal Association
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
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