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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
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