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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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- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- The University of Queensland
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
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