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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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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Trasteel International SA, Italy
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Independent Power Producers Association of India
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