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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, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Planning Commission, India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Minerals Council of Australia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
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