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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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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- The University of Queensland
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Planning Commission, India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
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