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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Monday, 18 April 22
DEMAND FOR THERMAL COAL TO RISE DUE TO INCREASE IN ELECTRICITY DEMAND: INDIAN COAL MINISTRY - PTI
Coal block allocatees have a golden opportunity to augment production as the demand for thermal coal will rise due to an increase in electricity de ...
Tuesday, 05 April 22
INDONESIAN COAL PRICE REFERENCE HITS RECORD ABOVE $288
COALspot.com: Indonesian Coal Price Reference for April in a steep climb from March 2022.
As expected, Russia – Ukraine war dr ...
Thursday, 31 March 22
CHINA STATE PLANNER ASKS COAL INDEX PROVIDERS TO RECTIFY IRREGULARITIES - REUTERS
China’s state planner has asked some major coal price index providers to rectify “severe irregularities” it had identified in the ...
Thursday, 31 March 22
IMPORTED COAL PRICES TO JUMP 55% IN APR-JUN, IMPACT INDIAN FIRMS: ICRA - LIVEMINT
Supply disruption owing to the Russia-Ukraine conflict could push the price of imported coal by 45-55% in Q1FY23 compared to the previous quarter, ...
Thursday, 31 March 22
CHINA'S COAL OUTPUT SET FOR MODERATE GROWTH IN 2022 - INDUSTRY BODY - REUTERS
China is expected to see its coal output to grow further in 2022 after hitting a record last year, an industry body forecast on Wednesday, as the c ...
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- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
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