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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, 08 May 21
LNG-TO-POWER INVESTORS IN THE PHILIPPINES RISK EXPOSURE TO $14 BILLION IN STRANDED ASSETS - IEEFA
High regulatory and financial uncertainty in the Philippines market
The race to develop liquified natural gas (LNG) facilities in th ...
Saturday, 08 May 21
THE COAL-TO-RENEWABLES TRANSITION TAKES OFF - IEEFA
Pre-Biden changes underscore coming 10-year wave of coal plant retirements
The traditional S-curve growth exhibited by disruptive te ...
Friday, 07 May 21
CHINA'S TOTAL COAL IMPORTS FOR 2020 REACHED A VOLUME OF 304 MILLION TONS - ASSOCARBONI
Our benchmarks, manufacturing Countries like China, Germany, Japan, India, South Korea and Taiwan will continue to use a mix of coal and nuclear to ...
Friday, 07 May 21
SEABORNE WORLD COAL TRADE CLOSED 2020 IN NEGATIVE - ASSOCARBONI
Coal confirmed its leadership as leading fuel for electricity generation also in 2020, accounting for 38% of overall production. For the first time ...
Friday, 07 May 21
INDONESIA'S THERMAL COAL EXPORTS IN 2020 DECREASED BY 13%; INDIA REMAINED THE TOP DESTINATION FOR INDONESIAN COAL - ASSOCARBONI
An increase in seaborne trade is forecast for 2022, driven by markets in Southeast Asia, where growing demand for coal from Bangladesh, the Philipp ...
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- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
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