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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, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
...
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- Price Waterhouse Coopers - Russia
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- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
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- TeaM Sual Corporation - Philippines
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- Parliament of New Zealand
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- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
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- Indogreen Group - Indonesia
- London Commodity Brokers - England
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