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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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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
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