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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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Saturday, 25 March 23
COAL INDIA HAS STRONG CASE TO INCREASE PRICES, TALKS ON: CMD AGRAWAL - BUSINESS STANDARD
Coal India (CIL) Chairman and Managing Director Pramod Agrawal said on Monday there is a “strong case” for increasing coal prices, and ...
Saturday, 25 March 23
ASIAN CRUDE PALM OIL WATCH 1Q23 - FITCH RATINGS
Malaysian benchmark crude palm oil (CPO) spot prices have averaged around USD915 per tonne (t) so far in 1Q23, sharply lower than the average of ar ...
Saturday, 25 March 23
INDONESIA’S COAL EXPORT INCREASED BY 21.0% YOY TO 388.4 MLN T IN 2022 - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels. In the f ...
Saturday, 25 March 23
GLOBAL LNG-ASIA SPOT PRICES SLIP AS WEAK NORTHERN DEMAND REMAINS - REUTERS
Asian spot prices of liquefied natural gas (LNG) declined this week, falling to a 21-month low, as weak demand in the northeast Asia region continu ...
Wednesday, 22 March 23
OIL PRICE FALL SPECULATIVE, TO HIT $140 BY YEAR-END -ANDURAND: REUTERS
The recent fall in oil prices due to banking jitters is speculative and oil will hit $140 a barrel by the end of the year, hedge fund manager Pierr ...
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- Thiess Contractors Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
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