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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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Saturday, 23 July 22
STABILITY OF RUSSIAN GAS FLOWS REMAIN UNCERTAIN, DESPITE THE REOPENING OF NORD STREAM - WOOD MACKENZIE
Gazprom confirmed today that regular annual maintenance of Nord Stream is officially over and gas flows restarted at 63 million cubic metres per da ...
Friday, 22 July 22
MARKET INSIGHT - INTERMODAL
Faced with uncertainty regarding the most cost-efficient alternative fuels and the future dominant method to reduce their greenhouse emissions, man ...
Friday, 22 July 22
YANCOAL AUSTRALIA CUTS 2022 COAL OUTPUT VIEW AS FLOODS, COVID BITE - REUTERS
Coal miner Yancoal Australia Ltd YAL.AX cut its 2022 output forecast on Wednesday, signalling a hit from higher-than-expected rainfall, COVID-19-le ...
Wednesday, 20 July 22
BOOST FOR BIOFUELS AS IMO REMOVES REGULATORY HURDLE - GARD
MARPOL Annex VI regulations were written for petroleum derived fuels but also apply to biofuels. It has been a challenge to meet the regulatory req ...
Wednesday, 20 July 22
INDONESIA’S COAL EXPORTS TO THE EU INCREASED SIGNIFICANTLY RECENTLY
European countries have increased coal imports from Indonesia due to the energy crisis that hit the region after Russia cuts gas exports to Europe. ...
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- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
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