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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, 02 December 22
INDONESIAN COAL PRICE REFERENCE PLUNGE TOWARD US$ 281.48 A TON AS DEMAND DROPS WORLDWIDE
COALspot.com: The cost of coal is falling so fast that it is beginning to put real money back in the pockets of end-users.
Indonesia ...
Wednesday, 30 November 22
INDONESIA’S BUMI RESOURCES TARGETS 2023 COAL OUTPUT OF 80 MLN TONNES - REUTERS
Indonesian coal miner PT Bumi Resources Tbk BUMI.JKis eyeing a 10% increase in output to 80 million tonnes next year amid expectations for more fav ...
Wednesday, 30 November 22
TANKERS: LONGER HAULS TO SUPPORT CONTINUED STRENGTH - BIMCO
Highlights
A rebound in the dirty tanker trade has led the Baltic Exchange Dirty Index (BDTI) to increase by 64% since our last report from mid ...
Wednesday, 30 November 22
MARKET INSIGHT - INTERMODAL
Shipping, although a conservative and innovation adverse industry, is currently in a transition period of digital transformation. According to a su ...
Tuesday, 29 November 22
INDIA TO RECEIVE FIRST LNG CARGO FROM INDONESIA’S TANGGUH LNG - REUTERS
India will receive its first cargo from Indonesia’s Tangguh liquefied natural gas (LNG) plant at the Dahej terminal on Monday, according to a ...
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- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Petron Corporation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Minerals Council of Australia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
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