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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, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- The University of Queensland
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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