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