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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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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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- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Australian Coal Association
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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