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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
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