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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Planning Commission, India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
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