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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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- Economic Council, Georgia
- Georgia Ports Authority, United States
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Australian Coal Association
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
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