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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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Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
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- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
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