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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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Thursday, 05 November 20
THE INDONESIA COAL PRICE REFERENCE RISES FOR SECOND CONSECUTIVE MONTH
COALspot.com: The Indonesia Coal Price Reference rose for a 2nd month by 9.24% month on month. The Indonesia Coal Price Reference for the month of ...
Wednesday, 04 November 20
PHILIPPINES COAL MORATORIUM HIGHLIGHTS DRAMATIC PIVOT TO RENEWABLE ENERGY INVESTMENT FOR LOWER PRICES AND POWER SYSTEM RESILIENCE - IEEFA
Policymakers and industry leaders ready to embrace new energy technologies
The Department of Energy’s call for a moratorium on ...
Wednesday, 04 November 20
FOREIGN INVESTORS FACE TOUGH TIMES CLOSING VIETNAM’S REMAINING COAL POWER DEALS - IEEFA
Project bankability at risk as new regulations threaten usual contractual terms
Foreign investors will face higher-than-usual risks ...
Wednesday, 04 November 20
MARKET INSIGHT - INTERMODAL
As the end of the year approaches, one would definitely notice that the newbuilding orderbook for bulk carriers is significantly smaller compared t ...
Monday, 02 November 20
PHILIPPINES GOVERNMENT SAYS NO TO NEW COAL PLANT PROPOSALS - IEEFA | 24 PILIPINAS
The Duterte administration will no longer accept proposals to construct new coal power plants, a dramatic shift in energy policy that counts on dec ...
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- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
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