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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
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