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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
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