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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, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
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- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Australian Coal Association
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Parliament of New Zealand
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
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