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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Planning Commission, India
- Malabar Cements Ltd - India
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