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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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Friday, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
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