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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - 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, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Indian Energy Exchange, India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- The University of Queensland
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
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