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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Marubeni Corporation - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
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