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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, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
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