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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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Saturday, 05 June 21
IT'S TIME FOR THE BIDEN ADMINISTRATION TO CHAMPION RENEWABLE ENERGY IN THE PHILIPPINES, NOT NUCLEAR OR FOSSIL GAS - IEEFA
Fossil gas and nuclear investments risk locking in costly, outdated infrastructure for the long-term
The United States has spent the ...
Friday, 04 June 21
NEW COAL-FIRED POWER PLANTS IN INDIA WILL BE ECONOMICALLY UNVIABLE - IEEFA
Coal capacity additions face major stranded asset risk
Much of India’s 33 gigawatts (GW) of coal-fired power capacity currently under co ...
Thursday, 03 June 21
JUNE HBA IS HITTING ABOVE $100 AND SETTLED AT ITS HIGHEST SINCE OCTOBER 2020
COALspot.com: The Indonesia coal price reference for June 2021 settles at US$ 100.33 per ton FOB vessel.
The Indonesia coal pr ...
Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
Panamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said ...
Wednesday, 02 June 21
EUROPEAN UNION'S IRON ORE IMPORTS - BANCHERO COSTA
The European Union (27) is currently the fourth largest importer of iron ore in the world, after China, Japan, and South Korea.
Euro ...
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- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Australian Coal Association
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
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