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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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Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
Thursday, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
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- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Deloitte Consulting - India
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
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