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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
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