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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
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Planning Commission, India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
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