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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Aditya Birla Group - India
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
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