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