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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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
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