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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Australian Coal Association
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
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