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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, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- The University of Queensland
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
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