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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, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
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