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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
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