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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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Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
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- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- GMR Energy Limited - India
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
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