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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, 08 January 23
ELEVATED COAL PRICE A DRAG ON MARGINS OF DOMESTIC BASE METAL PLAYERS: ICRA
The increased price of coal continue to be a drag on the margin of domestic base metal players with no immediate relief in sight, rating agency ICR ...
Monday, 02 January 23
CHINA’S COAL CONSUMPTION TO PEAK BY 2035: REPORT - REUTERS
China’s primary energy consumption is likely to peak at nearly 6.03 billion tonnes of standard coal between 2030 and 2035, refining giant Chi ...
Thursday, 29 December 22
INDIA'S COAL DEMAND LIKELY TO PEAK BETWEEN 2030-2035: MINISTER - ANI
The demand for coal in India will continue and is likely to peak between 2030-2035, Union Minister of Coal, Mines, and Parliamentary Affairs Pralha ...
Thursday, 29 December 22
RIO TINTO AND PARTNERS COULD RECEIVE AS MUCH AS $450M IN GOVERNMENT COMPENSATION FOR COAL PRICE CAP - THE GUARDIAN
Compensation payments for the Gladstone power plant remain the sticking point in the federal government’s coal price cap compensation negotia ...
Wednesday, 28 December 22
MARKET INSIGHT - INTERMODAL
The United Nations Conference on Trade and Development (UNCTAD) published a Global Trade Update on December 13th highlighting that global trade wou ...
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- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Planning Commission, India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Minerals Council of Australia
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
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