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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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- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- PTC India Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
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