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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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Sunday, 18 April 21
INDONESIA LIKELY TO WITNESS 119 OIL AND GAS PROJECTS STARTS ACROSS VALUE CHAIN BY 2025, SAYS GLOBALDATA
Indonesia is expected to witness 119 oil and gas projects commencing their operations across value chain during 2021-2025, accounting for 6% of the ...
Sunday, 18 April 21
WORLDSTEEL RAISES 2021 STEEL DEMAND GROWTH FORECAST TO 5.8% - WORLDSTEEL
The World Steel Association (worldsteel) today released its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that steel demand wil ...
Sunday, 18 April 21
CHINA'S Q1 COAL OUTPUT RISES 16% ON STRONG DEMAND FOR WINTER HEATING - REUTERS
China’s coal output rose 16% in the first quarter from the same period last year, bolstered by strong demand for winter heating and robust in ...
Wednesday, 14 April 21
INDIA HAS A RECORD LEVEL OF STOCKPILED COAL DAMPENING NEED FOR NEW DOMESTIC MINES - IEEFA
Proposed coal mining expansions at odds with excess supply
India has stockpiled a record 132 million tonnes of coal – enough t ...
Wednesday, 14 April 21
BANGLADESH NEEDS A RENEWABLES FOCUS, NOT A SWITCH FROM 'COAL TO GAS' - IEEFA
Renewables are cheaper and more sustainable than gas imports, and can provide better energy security in developing nations
The emerg ...
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- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Australian Coal Association
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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