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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, 10 February 22
EIA ANALYSIS CONSIDERS DIFFERENT OUTCOMES FOR COAL MARKETS IN INDIA AND SOUTHEAST ASIA
In our International Energy Outlook 2021 (IEO2021) Issues in Focus: Uncertainty in Coal Trade in India and Greater Southeast Asia, we analyze three ...
Wednesday, 09 February 22
OIL PRICES: "IT'S GOING TO BE VERY EASY" TO GET TO $100/BARREL, ANALYST SAYS - YAHOO FINANCE
Energy and oil prices have been on fire over the last six months — and expect them to go higher, says one analyst.
“For ...
Wednesday, 09 February 22
MARKET INSIGHT - INTERMODAL
Iron ore prices have jumped significantly in the week prior to the Chinese New Year with traders and producers stocking up on raw materials. China& ...
Wednesday, 09 February 22
FEBRUARY HBA HITS RECORD HIGH IN 2022 ON INDONESIA’S EXPORT BAN IN JANUARY, WORSEN SUPPLY, UKRAINE TENSIONS
COALspot.com: Indonesian Coal Price Reference for February in a steep climb from January 2022.
As expected in January the Indonesia ...
Wednesday, 09 February 22
CHINESE COAL MARKS BEST DAY IN 4 MONTHS ON TIGHT SUPPLY, HIGH DEMAND - REUTERS
China’s coal futures on Tuesday recorded their best session since Bejing’s mid-October intervention to cool runaway prices, aided by co ...
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- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Minerals Council of Australia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
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