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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Minerals Council of Australia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
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