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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, 26 May 21
NEW POWER AND ENERGY MASTER PLAN MUST BE DESIGNED IN BANGLADESH'S BEST INTERESTS, NOT JAPAN'S - IEEFA
JICA must deliver a low or zero emissions plan as promised, not fund Matarbari 2 coal plant
Clear understandings from the Bangladesh ...
Tuesday, 25 May 21
KOREA SOUTHERN POWER INVITED BIDS FOR 870,000 MT OF MIN 5300 NCV COAL FOR 2021 TO 2023.
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 870,000 MT of Min 5,300 kcal/kg NCV coal for Augu ...
Tuesday, 25 May 21
CHINA’S COAL OUTPUT RISES IN FIRST FOUR MONTHS - XINHUA
China’s raw coal output rose 11.1 percent year on year to 1.29 billion tonnes in the first four months of 2021, official data showed.
&nb ...
Tuesday, 25 May 21
MARINE SHIPPERS BULK UP: ANOTHER GAME OF CHICKEN IN THE WORKS? - THE KOREA TIMES
Global shipping companies have been placing orders for large ships, with many anticipating further increased competition within the next three year ...
Friday, 21 May 21
MARKET INSIGHT - INTERMODAL
The dry bulk market’s counter seasonal surge so far into the first half of the year -in a sort of 2010 manner - and Capesize’s recent r ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Australian Coal Association
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
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