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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
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- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Central Java Power - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
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