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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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Saturday, 16 October 21
DESPITE HIGHER COAL PRICES, U.S. COAL RECOVERY LOOKS WEAK BY MOST MEASURES - IEEFA
U.S. coal sector is locked into a long-term sectoral decline
Coal prices have surged to the highest level in years in the U.S., and have soare ...
Saturday, 16 October 21
COAL IS 'KING' AS GAS PRICES SOAR, TOTAL CEO SAYS - AND IT’S BACKFIRING ON CLEANER ENERGY GOALS - CNBC
Surging natural gas prices have led to a jump in coal use, with plants in Europe and Asia firing back up as temperatures decline and the world grap ...
Saturday, 16 October 21
VIETNAM'S COAL-FIRED POWER MAY DOUBLE BY 2030 UNDER DRAFT ENERGY PLAN - REUTERS
Vietnam may double the amount of coal-fired electric generation it installs by 2030 under a draft power development plan submitted to the prime min ...
Friday, 15 October 21
AUSTRALIA'S WHITEHAVEN EXPECTS TO BE DEBT-FREE NEXT YEAR AS COAL PRICES SOAR - REUTERS
Australia’s Whitehaven Coal WHC.AX said on Thursday it expects to be debt-free by early 2022, as thermal coal prices surge to record highs on ...
Friday, 15 October 21
WINTER CHILL KEEPS CHINA'S COAL PRICES HIGH, POWER CRUNCH STOKES INFLATION - REUTERS
China coal prices held near record highs on Thursday as cold weather swept into the country’s north and power plants stocked up on the fuel t ...
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- Mercuria Energy - Indonesia
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Mercator Lines Limited - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
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