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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, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
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- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
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- International Coal Ventures Pvt Ltd - India
- The University of Queensland
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- Economic Council, Georgia
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- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
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- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
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- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
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- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
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- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
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- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
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- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
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- White Energy Company Limited
- Marubeni Corporation - India
- SMG Consultants - Indonesia
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- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
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- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
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- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
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- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
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- Chamber of Mines of South Africa
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- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
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- MS Steel International - UAE
- Altura Mining Limited, Indonesia
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- Romanian Commodities Exchange
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- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
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- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
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- Interocean Group of Companies - India
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- Australian Coal Association
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- Bhoruka Overseas - Indonesia
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- Thiess Contractors Indonesia
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- IEA Clean Coal Centre - UK
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- Heidelberg Cement - Germany
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- Videocon Industries ltd - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
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- Coal and Oil Company - UAE
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