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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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Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
Thursday, 30 June 22
FINANCIAL GAINS SUPPORT COAL TRANSITION - BALTIC EXCHANGE
Support for the shift away from coal dependency continues to mount, with the International Monetary Fund (IMF) calculating that the move would gene ...
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- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
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