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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, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Australian Coal Association
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- ASAPP Information Group - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- The University of Queensland
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
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