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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, 26 October 21
CHINA'S COAL-RICH SHANXI BEEFS UP COAL PRODUCTION - XINHUA
Major coal producers in north China’s Shanxi Province, a leading coal-producing region of the country, have beefed up production to ensure en ...
Tuesday, 26 October 21
ENERGY CRISIS SHOWS COAL IS AN EXPENSIVE AND UNRELIABLE SOURCE OF ELECTRICITY GENERATION - IEEFA
Any knee-jerk reaction that urges more investment in coal completely misses the point
India is teetering on the brink of joining a growing glo ...
Tuesday, 26 October 21
CHINA TO INVESTIGATE ENERGY INDEX PROVIDERS IN BID TO TAME COAL PRICES - REUTERS
China said on Monday it will investigate energy price index providers as it urged coal industry participants to “strictly” meet contrac ...
Tuesday, 26 October 21
THERE IS PLENTY OF COAL AND GAS IN THE WORLD BUT A VOLATILE MARKET IS NOBODY'S FRIEND - IEEFA
Gas will be winding its way out of the energy system
Gas prices are continuing to surge around the world. The cost of gas is at unpr ...
Tuesday, 26 October 21
AUSTRALIA EXPORTED 51.6 MLN TONNES OF COAL TO INDIA IN FIRST 10 MONTHS, 19% OF ALL AUSTRALIAN COAL EXPORTS; CHINA WAS THE DESTINATION FOR JUST 0.7% - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. In 2021 things started pretty badly, but we are seeing increasing signs of ...
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- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
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