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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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Thursday, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- GMR Energy Limited - India
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
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