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Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
 As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently their emissions, so as the shipping industry. The IMO has set some goals regarding the decarbonization of the industry; the most challenging is to start replacing current marine fuels with greener, more efficient and eventually by 2050 eliminate the Sox and NOx along with GHG emissions.
The first stage of the plan was to cut down the Sulphur content of fuel oil to below 0.5%. Owners had the option to install scrubbers or from 1.1.2020 they had to comply and use only VLSFO. A year later it appears that Owners/Physical suppliers and Refineries were perfectly aligned to provide required quantities of VLSFO available almost everywhere in the world without disrupting the chain of global trade, thus proved from the fact that the spread between LSMGO and VLSFO was considerably small from the first few months.
Moving forward to cleaner, greener and more efficient marine fuels we identify three different pathways, 1) light gas, 2)Heavy gas and alcohol & 3) Biofuel. Due to current limitations on technology, ship designs and lack of expertise, it is anticipated to have petroleum-based fuels till 2050 at a market share of almost 40%.
Light Gas – LNG is cryogenic liquid that needs to be cooled and can be stored under ambient pressure, it is slowly but steadily increasing and is projected to have tripled to about 3000 units by 2030. Issues the industry needs to cope with are that not all ports have established local regulations and all necessary equipment/expertise to handle LNG, which actually limits the availability of the fuel.
Heavy gas and alcohol – LPG, is mainly consisted by propane and butane with small fractions of propylene Its available in large and scale and its economically attractive, worth to mention that it’s a liquid with very low handling requirements. In case of any leakage, it’s not harmful to soil and water. Alcohol, Methanol is attractive as marine fuel as its liquid in ambient conditions and simplifies the storage on board – it doesn’t not contain sulfur and little modification is required to engine and fuel supply system compared to LNG. Main issue that arises is the low energy density that keeps it less attractive for deep sea vessel, as it required 2-3 times higher frequency off bunkering than fossil fuels.
Biofuels – are produced by biomass, plants, waste oils and agricultural waste. Yield from the catalytic process of biomass has properties comparable to diesel oil and require minimum to no change to marine engines or their fuel delivery systems. The most usual component of biodiesel is fame (fatty acid methyl ester), widely provided blend of biodiesel consists of 7% of fame, but Owners / Engine manufacturers are currently experimenting with richer blends that vary from 20% up to even 100% of fame.
Looking further ahead Ammonia is an option as a zero-carbon and sulfur marine fuel if produced renewably and can contribute to reduction of GHG emissions. Its physical and chemical characteristics make it a suitable marine fuel as it’s a component used in industrial and agricultural makes it affordable and logistically attractive. It needs to be kept under pressure, but it can stay liquid in ambient temperatures. Specific modifications are required for ships that will use ammonia for propulsion as its lower energy density requires more quantity of fuel.
Recently Furetank Rederi had delivered the 7th ship out of a series of 8 that will be dual fuelled; vessel will run on LBG (Liquefied biogas) and LNG. The specific unit is the first one to perform discharge operation by using only electricity from shore. In addition, it is estimated that the ship will have 55% lower emissions of CO2, 86% of Nitrogen oxide, 99% of Sulphur oxide, and 99% of particles. Avin International has placed their first Suezmax order that will be ammonia ready.
It is becoming more and more apparent that owners have showed their intentions to minimize their emissions by experimenting with biodiesel mixtures, placing LNG/Ammonia ready new buildings.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- The University of Queensland
- Anglo American - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- VISA Power Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- White Energy Company Limited
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
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