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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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Friday, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- MS Steel International - UAE
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
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