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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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- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Tamil Nadu electricity Board
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