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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- The University of Queensland
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- VISA Power Limited - India
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