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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, 30 June 22
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- Wood Mackenzie - Singapore
- Planning Commission, India
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- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
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- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
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- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
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- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
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- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
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- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
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- Bayan Resources Tbk. - Indonesia
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