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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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