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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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Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
Friday, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
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- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- PTC India Limited - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Parliament of New Zealand
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
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