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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, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
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