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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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Tuesday, 26 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
...
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- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
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