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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- ICICI Bank Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Australian Coal Association
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
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