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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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Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
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- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- The University of Queensland
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
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