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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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Thursday, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
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- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
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- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
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- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
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