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