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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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Wednesday, 13 July 22
MARKET INSIGHT - INTERMODAL
Taking the previous market insight a step further, market sentiment remains bullish regarding the overall ROI of scrubbers, facing tailwinds from a ...
Friday, 08 July 22
AUSTRALIAN COAL PRICE BREAKS AGAIN LEVEL US$ 400/TON!, UP AROUND 4% - CNBC INDONESIA
Coal prices shot up again and crossed the level of US$ 400 per ton. On Thursday (7/7/2022) trading, the selling price of August contract closed at ...
Friday, 08 July 22
INDONESIA MULLS MORE FREQUENT SETTING OF CRUDE PALM OIL REFERENCE PRICE - REUTERS
Indonesia is considering setting its crude palm oil (CPO) export reference price every two weeks instead of monthly, a senior trade ministry offici ...
Friday, 08 July 22
BUNKER PRICES EXPECTED TO RECOVER LOST GROUND NEXT WEEK - SERGEY IVANOV, MABUX
Over the Week 27, the world bunker indices showed a sharp decline, primarily due to the fall in oil prices on July 05. The 380 HSFO index fell by 5 ...
Thursday, 07 July 22
NTPC MINES 61% MORE COAL AT 4.22 MN METRIC TONNES IN APRIL-JUNE: PTI
State-owned power giant NTPC on Tuesday said that its coal output grew by 61 per cent to Rs 42.40 lakh metric tonnes in April-June quarter from 26. ...
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- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Thai Mozambique Logistica
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