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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, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Planning Commission, India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- PTC India Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
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