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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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Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
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- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
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- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
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- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
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- Interocean Group of Companies - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
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- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
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- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
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- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
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- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
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- Coal and Oil Company - UAE
- Latin American Coal - Colombia
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- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
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- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Parliament of New Zealand
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- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- White Energy Company Limited
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
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- The State Trading Corporation of India Ltd
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- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
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- Therma Luzon, Inc, Philippines
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- Merrill Lynch Commodities Europe
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- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Planning Commission, India
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- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
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