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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, 05 January 22
INDONESIA WARNS COAL SUPPLY CRUNCH NOT OVER AS CHINA PRICES RALLY - REUTERS
Indonesia has warned that its coal supply situation remains critical, ahead of Wednesday’s (Jan 5) review of its export ban, unnerving global ...
Tuesday, 28 December 21
INDIA'S ADANI NEARS FIRST COAL SHIPMENT FROM SHUNNED AUSTRALIAN MINE - REUTERS
India’s Adani Group ADEL.NS is preparing to ship the first coal cargo from Australia’s most controversial mine, after battling a seven- ...
Thursday, 23 December 21
COAL TO STAY AS MAJOR SOURCE OF ENERGY IN FORESEEABLE FUTURE: JOSHI - BUSINESS STANDARD
Coal will stay as a major source of energy in the foreseeable future as it is an affordable source of energy with substantial reserve, Parliament w ...
Thursday, 23 December 21
ANNUAL U.S. COAL-FIRED ELECTRICITY GENERATION WILL INCREASE FOR THE FIRST TIME SINCE 2014 - EIA
From December 20 through December 30, Today in Energy will feature some of our favorite articles from 2021. Today’s article was originally pu ...
Thursday, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
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- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Planning Commission, India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Minerals Council of Australia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
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