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