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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, 01 December 23
COAL MINERS GROUP EXPECTS INDONESIA’S 2023 COAL OUTPUT TO SURPASS TARGET - REUTERS
The Indonesian Coal Mining Association (ICMA) expects the country’s 2023 coal output to surpass the official target of 695 million metric ton ...
Friday, 24 November 23
COAL IMPORTS TO INDIA IN OCTOBER 2023 REACHED HIGHEST LEVELS IN NEARLY A YEAR AND A HALF - VESSELSVALUE, VESON NAUTICAL
In October, coal imports to India reached 13.8 mt in October 2023, according to Oceanbolt, a Veson Nautical solution, the highest level since May 2 ...
Friday, 24 November 23
COAL SHIPMENTS TO ADVANCED ECONOMIES DOWN 17% SO FAR IN 2023 - BIMCO
In the first ten months of 2023, coal shipments to advanced economies fell by 17% y/y, as demand for electricity declined and the share of electric ...
Friday, 24 November 23
INTELLIGENT COAL MINES CONTRIBUTE TO IMPROVING SAFETY STANDARDS - CHINA DAILY
Mechanization, automation and intelligent upgrades have contributed to improved safety in coal mines, though the level of development of intelligen ...
Friday, 24 November 23
WHY AUSTRALIA'S COAL MINES ARE GETTING BIGGER - IEEFA
Australia’s largest coal mines are getting larger. Mines in New South Wales (NSW) are ramping up production following the state’s recov ...
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- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Planning Commission, India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- The University of Queensland
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
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