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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
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