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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, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
Thursday, 10 June 21
U.S. COAL PRODUCTION TO TOTAL 600 MMST IN 2021, 11% MORE THAN IN 2020 - EIA
EIA expects U.S. coal production to total 600 million short tons (MMst) in 2021, which is 61 MMst (11%) more than in 2020.
The increase is dri ...
Wednesday, 09 June 21
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
The In-Person Maritime Event
SHIPTEK INTERNATIONAL CONFERENCE & AWARDS 2021
culminates successfully in Dubai
Press Release: ...
Wednesday, 09 June 21
MARKET INSIGHT - INTERMODAL
“Counter cyclical investments.” usually take place by investing in a “bad” market at the point that ensures that the acquir ...
Saturday, 05 June 21
KOMIPO INVITED 5600 NAR COAL OFFERS FOR THREE YEARS SUPPLY; 520,000 MT PER YEAR
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- CNBM International Corporation - China
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- PTC India Limited - India
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
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