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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Parliament of New Zealand
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
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