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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, 06 October 22
COAL INDIA ASKED TO ENHANCE SUPPLY TO THERMAL POWER PLANTS - IANS
With the festival season round the corner, Coal India Ltd. has been directed by the government to scale up dispatch to thermal power plants.
&n ...
Wednesday, 05 October 22
BUNKER PRICES DOWN AGAIN; IS THERE MORE TO COME? - INTEGR8 FUELS
It’s the economy…..”
VLSFO prices are now back to levels at the start of this year. After all the extremes of thi ...
Wednesday, 05 October 22
MARKET INSIGHT - INTERMODAL
Amid the looming western sanctions on Russia, the country is challenged to pivot its energy markets away from Europe and toward the East. Yet, Russ ...
Tuesday, 04 October 22
A REMARKABLE SHIFT IN FORTUNES HAS BEEN NOTED IN THE CRUDE OIL TANKER MARKETS - ALLIED SHIPPING
A remarkable shift in fortunes has been noted in the crude oil tanker markets over the past month, yet despite these shifts being seemingly in thei ...
Tuesday, 04 October 22
OIL PRICES COULD SOON RETURN TO $100 AS OPEC+ CONSIDERS ‘HISTORIC’ CUT, ANALYSTS SAY - CNBC
An influential alliance of some of the world’s most powerful oil producers is reportedly considering their largest output cut since the start ...
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- Australian Coal Association
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- PTC India Limited - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- White Energy Company Limited
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
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