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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, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
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- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Australian Coal Association
- Minerals Council of Australia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Latin American Coal - Colombia
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
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