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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, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
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- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Planning Commission, India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
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