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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- The University of Queensland
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Australian Coal Association
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Merrill Lynch Commodities Europe
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