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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
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