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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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Wednesday, 22 March 23
MARKET INSIGHT - INTERMODAL
The crude tanker market continues to gather momentum as we head towards the end of 1Q2023, against a backdrop of strong U.S. exports paired with a ...
Wednesday, 22 March 23
WILL LOWER GAS PRICES SPARK SWITCHING IN EUROPE AND ASIA?
Record high prices devastated demand for gas and LNG across Asia and Europe last year. But with prices falling, companies are starting to re-evalua ...
Monday, 20 March 23
NTPC MULLS 5.4 MILLION TONNES COAL IMPORT IN FIRST HALF OF 2023-24: PTI
State-run power giant NTPC is planning to import around 5.4 million tonnes of coal to meet the supply shortage during the first half 2023-24 fiscal ...
Monday, 20 March 23
S. AFRICA’S EXXARO RESOURCES SAYS COAL PRICES COOLING OFF - REUTERS
South Africa’s Exxaro Resources on Thursday posted a 28% jump in 2022 profit after seeing average coal prices surge more than 150%, but warne ...
Saturday, 18 March 23
RUSSIAN LNG EXPORTS TO EUROPE REMAIN HIGH - VESSELS VALUE
Russian LNG exports to Europe remained at very high levels in February at 3.6 million CBM, following a 13 month high in January of 4.1 million CBM. ...
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- Rashtriya Ispat Nigam Limited - India
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- Economic Council, Georgia
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- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- The University of Queensland
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
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- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
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- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
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- Baramulti Group, Indonesia
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- Semirara Mining Corp, Philippines
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- White Energy Company Limited
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