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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
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