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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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Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
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- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
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