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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, 19 July 22
SEEING RED? - WOOD MACKENZIE
What a Republican mid-term victory could mean for US energy and climate policy
According to current polling the Republican Party has ...
Thursday, 14 July 22
INDIA'S COAL IMPORTS HIT RECORD HIGH IN JUNE - REUTERS
India's coal imports hit a record high in June despite high global prices, data from three trade sources and Refinitiv ship tracking showed, as ...
Thursday, 14 July 22
CHINA'S JUNE COAL IMPORTS SLUMP AS TRADERS SHUN EXPENSIVE OVERSEAS CARGOES - REUTERS
China’s coal imports fell 33% in June from a year ago, with traders turning down expensive overseas cargoes in favor of domestic ones with ca ...
Wednesday, 13 July 22
KOWEPO TO IMPORT 2.79 MILLION TONS OF LOW TO MEDIUM COAL
COALspot.com: Korea Western Power Co., Ltd. (KOWEPO) has issued an International tender for Total 1360k MT of Min.4400 kcal/kg NCV coal and Total 1 ...
Wednesday, 13 July 22
HAVE MINERS MISSED THE BOAT TO INVEST AND GET AHEAD OF THE ENERGY TRANSITION? - WOOD MACKENZIE
Miners are in rude health, benefiting from economic stimuli, the post-pandemic recovery and associated supply constraints. Initially the Ukraine wa ...
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- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- VISA Power Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
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