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