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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
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