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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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Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
Tuesday, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
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- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
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