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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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Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
Tuesday, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
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- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Australian Coal Association
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
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