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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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Monday, 19 December 22
ENERGY CRISIS FUELS COAL COMEBACK IN GERMANY - REUTERS
Coal has made a comeback in Germany this year, as Europe’s largest economy turns to the dirty fuel to power it through an energy crisis.
...
Thursday, 15 December 22
MARKET INSIGHT - INTERMODAL
While observing the ship repair market very close to the end of the year, we are confident that shipyards worldwide are entering a new era. The nex ...
Tuesday, 13 December 22
STRONG COAL PRICES SUPPORT ROBUST EARNINGS AT INDONESIAN COAL MINERS - FITCH RATINGS
Fitch Ratings expects cash flow generation at Indonesian coal miners to remain strong in 2023, based on its forecast for coal prices to remain high ...
Tuesday, 13 December 22
BIMCO CII CLAUSE FINALLY RELEASED: DOES IT MAKE ANY SENSE OF CCI? - WFW
WHAT IS CII?
The new International Maritime Organisation’s (“IMO’s”) Carbon Intensity Indicator (“CII”) cer ...
Tuesday, 13 December 22
COAL BASE RAMPS UP ENERGY SUPPLY FOR WINTER NEEDS - XINHUA
Inner Mongolia Autonomous Region, China’s leading coal production base, has kicked its production into high gear to meet heating needs as col ...
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- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Mercator Lines Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
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