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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, 18 November 22
REALITIES OF LOI LIABILITIES - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
The cargo misdelivery claim in Trafigura Maritime Logistics Pte Ltd v. Clearlake Shipping Pte Ltd (Miracle Hope) [2022] E ...
Tuesday, 15 November 22
CHINA SEES RISING COAL STORAGE AMID SUPPLY PUSH - XINHUA
Coal stockpiles at China’s power plants have seen considerable increases, ensuring energy supply for the winter, the country’s energy r ...
Tuesday, 15 November 22
SEABORNE THERMAL COAL PRICES START TO EASE, BUT PROCESS IS UNEVEN - REUTERS
Prices for seaborne thermal coal have started to drop as fears of a winter energy crunch ease, but the rate of decline has varied across the differ ...
Thursday, 10 November 22
INDIA: THERMAL PLANTS HAVE ADEQUATE COAL STOCKS AT 25.6 MILLION TONNES, SAYS GOVT - IANS
The coal stock with domestic dry fuel-based power plants, as on October 31, was 25.6 million tonnes, the government said, adding that the availabil ...
Tuesday, 08 November 22
OUTLOOK ON CHINA’S WEAKENED BASIC MATERIALS SECTOR CLOUDED BY POLICY SWINGS - FITCH RATINGS
Fitch Ratings expects basic materials demand in China to improve qoq in 4Q22, driven by seasonally higher construction activity, solid infrastructu ...
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- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
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