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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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Thursday, 30 June 22
WHY ARE LNG SHIPPING STOCKS RESILIENT? - DREWRY
LNG shipping stocks are proving resilient despite uncertainties about growth in global GDP, high inflation and the ongoing geopolitical crisis caus ...
Thursday, 30 June 22
SPOT AUSTRALIAN THERMAL COAL HAS SURGED, BUT CONTRACT PRICE IS KEY - REUTERS
The spot price of Australian thermal coal is higher than that of coking coal, an unprecedented situation that highlights just how the global market ...
Thursday, 30 June 22
SHANXI PROVINCE RAISES ANNUAL COAL OUTPUT TO 1.3 BILLION TONS TO ENSURE CHINA’S ENERGY SUPPLY - GLOBAL TIMES
North China’s Shanxi Province, a major coal-producing region, recently announced a move to increase its annual coal production output by 107 ...
Thursday, 30 June 22
DIVERGENCE BETWEEN HIGH- AND LOW-GRADE THERMAL COAL PRICES IN APAC TO NARROW - FITCH RATINGS
Prices between high- and low-grade thermal coal in Asia-Pacific (APAC) have diverged since late March 2022, but Fitch Ratings expects the gap to na ...
Thursday, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
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- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Australian Coal Association
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- White Energy Company Limited
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
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