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