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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
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