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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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Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
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- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
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