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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- White Energy Company Limited
- The Treasury - Australian Government
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- The University of Queensland
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
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