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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, 23 December 21
COAL DEMAND TO PEAK IN INDIA BY 2030, WILL BACK UP RENEWABLES: NITI REPORT - BUSINESS STANDARD
Coal will remain India’s mainstay energy source and the country will shape global demand this decade, two reports have said a month after the ...
Thursday, 23 December 21
INDONESIA’S 2022 COAL OUTPUT SEEN BETWEEN 637 MLN-664 MLN T- OFFICIAL - REUTERS
Indonesia’s 2022 coal output is estimated at between 637 million to 664 million tonnes based on production plans currently being finalised, s ...
Thursday, 23 December 21
VALE ANNOUNCES THE SALE OF ITS COAL ASSETS
Vale informs that, on this date, it has entered into a binding agreement with Vulcan to sell the Moatize coal mine and the Nacala Logistics Corrido ...
Thursday, 23 December 21
INDIA: CAPTIVE POWER PRODUCERS URGE GOVT TO ENSURE NORMAL COAL SUPPLIES - PTI
A captive power producers’ association has urged the government for 100 per cent normalisation of coal supply to captive power producers whil ...
Thursday, 23 December 21
MARKET INSIGHT - INTERMODAL
As an outstanding year for the dry bulk freight market comes to a close, so does a thriving year for the SnP market which can only be compared to 2 ...
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- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
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