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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
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