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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
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