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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, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- White Energy Company Limited
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
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