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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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Monday, 04 July 22
INDONESIAN COAL PRICE REFERENCE SLIGHTLY DOWN IN JULY
COALspot.com: Indonesian Coal Price Reference for July delivery drops 1.52 per cent month on month.
The Indonesian Coal Price Refere ...
Sunday, 03 July 22
CHINESE VICE PREMIER STRESSES CLEAN, EFFICIENT USE OF COAL - XINHUA
Chinese Vice Premier Han Zheng has stressed efforts to promote the clean and efficient use of coal, and pursue green, low-carbon and high-quality d ...
Sunday, 03 July 22
SOVEREIGN SECTOR OUTLOOK REVISED TO NEUTRAL ON UKRAINE WAR IMPACT - FITCH RATINGS
The deterioration in global sovereign credit conditions this year relative to our expectations at end-2021 has caused Fitch Ratings to change its g ...
Saturday, 02 July 22
GLOBAL SEABORNE COAL EXPORTS IN 2021 INCREASED BY 4.4% Y-O-Y TO 1147 MLN TONNES - BANCHERO COSTA
In the full 12 months of 2021, global seaborne coal exports increased by +4.4% y-o-y to 1147 mln tonnes, from 1099 mln tonnes in 2020, according to ...
Friday, 01 July 22
INDIA'S TOP CEMENT MAKER PAYING FOR RUSSIAN COAL IN CHINESE YUAN - REUTERS
India’s biggest cement producer, UltraTech Cement ULTC.NS, is importing a cargo of Russian coal and paying using Chinese yuan, according to a ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
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