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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
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