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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Minerals Council of Australia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
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