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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Australian Coal Association
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
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