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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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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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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Economic Council, Georgia
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
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