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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Australian Coal Association
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
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