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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
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Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- White Energy Company Limited
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
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