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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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Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
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- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
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