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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, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
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