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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Planning Commission, India
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- The University of Queensland
- Malabar Cements Ltd - India
- Australian Coal Association
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Central Java Power - Indonesia
- Minerals Council of Australia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
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