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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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Tuesday, 07 December 21
COAL FIRMS SEE SHARE PRICES SURGE MONDAY, AFTER GOVERNMENT READJUSTS CONTRACT PRICES - GLOBAL TIMES
Share prices of China’s coal enterprises jumped on Monday on the A-share market following a nationwide adjustment to annual thermal coal pric ...
Monday, 06 December 21
CHINA SETS 2022 ANNUAL THERMAL COAL PRICES AT 700 YUAN/T - MEDIA: REUTERS
China’s top economic planner has proposed to set annual thermal coal prices for 2022 at between 550 yuan and 850 yuan ($86-$133) per tonne, a ...
Thursday, 02 December 21
BUMI RECORDED US$ 666.18 MILLION AS REVENUE IN THE 3RD QUARTER, UP 13.31% YOY
PT Bumi Resources Tbk and its subsidiaries have recorded a surge in revenue in the third quarter of 2021. BUMI has recorded US$ 666.18 million as r ...
Thursday, 02 December 21
CHINA'S COAL CRUNCH IS OVER, BUT PRICES ARE STILL TOO HIGH - REUTERS
China’s coal crisis has largely been resolved with gains in both production and stockpiles sufficient to ensure power supplies over winter.
...
Wednesday, 01 December 21
2022 OUTLOOK: INDONESIAN COAL MINING - FITCH RATINGS
Fitch Ratings has a neutral outlook on the Indonesian coal sector for 2022.
Earnings generation should slow down as selling pr ...
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- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Planning Commission, India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- PTC India Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
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