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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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Tuesday, 13 December 22
AUSTRALIA TO CAP PRICES OF COAL, GAS TO DRIVE DOWN ENERGY BILLS - REUTERS
Australia will cap coal and gas prices for a year in a bid to shave utility bills for households and businesses hit by soaring costs because of the ...
Tuesday, 13 December 22
YANCOAL AUSTRALIA TO PREPAY $459 MLN DEBT AS RECORD COAL PRICES BOOST CASHFLOWS - REUTERS
Coal miner Yancoal Australia Ltd. said on Friday it intended to prepay $459 million of its debt on or around Dec. 16, as elevated coal prices were ...
Tuesday, 13 December 22
WHY COAL LEADS THE RISE IN COMMODITIES THIS YEAR - MARKETWATCH
This year marked a resurgence for coal, often known — and loathed — by environmentalists as the dirtiest energy source, with prices mor ...
Thursday, 08 December 22
BIMCO TO REVISE WAR RISK CLAUSES
Work to revise the BIMCO War Cancellation Clause 2004, the BIMCO War Risks Clause for Time Chartering 2013 (CONWARTIME 2013) and the BIMCO War Risk ...
Thursday, 08 December 22
COAL ROYALTY PAYMENTS BOOST AUSTRALIAN STATE'S BUDGET FORECAST - REUTERS
Australia’s Queensland state on Wednesday forecast a record surplus for the current financial year, largely driven by higher royalty payments ...
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- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
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