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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
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Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
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Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- The University of Queensland
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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