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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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Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
Thursday, 01 July 21
END TO COAL POWER BROUGHT FORWARD TO OCTOBER 2024
Press Release: The deadline to phase out coal from Great Britain's energy system has been brought forward by a whole year, highlighting the UK& ...
Thursday, 01 July 21
WHY BUILD 600 NEW UNPROFITABLE COAL PLANTS? - DEUTSCHE WELLE
Governments in Asia are planning 600 new coal plants that could lose investors $150 billion and derail efforts to limit temperature rise in line wi ...
Thursday, 01 July 21
FIVE ASIAN COUNTRIES ACCOUNT FOR 80% OF NEW COAL POWER INVESTMENT - THE GUARDIAN
Five Asian countries are jeopardising global climate ambitions by investing in 80% of the world’s planned new coal plants, according to a rep ...
Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned ...
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- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Tamil Nadu electricity Board
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
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