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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, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
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- VISA Power Limited - India
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- The University of Queensland
- Marubeni Corporation - India
- Bhatia International Limited - India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
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