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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, 15 October 21
GLOBAL STEEL DEMAND GROWTH DOWNGRADED FOR 2021 DUE TO CHINA - WORLD STEEL ASSOCIATION
The World Steel Association (worldsteel) today released an update of its Short Range Outlook (SRO) for 2021 and 2022. worldsteel forecasts that ste ...
Thursday, 14 October 21
SPIKING COAL PRICES: DON’T BLAME THE ENERGY TRANSITION - IEEFA
Volatility highlights urgency for renewables-based energy solutions
“Energy crisis.” The phrase evokes nearly-forgotten ...
Thursday, 14 October 21
EIA FORECASTS U.S. COAL PRODUCTION TOTALS 588 MMST IN 2021, UP 53 MMST YOY
U.S. coal production in EIA's forecasts totals 588 million short tons (MMst) in 2021, 53 MMst more than in 2020.
According ...
Wednesday, 13 October 21
COAL PRICES ARE ROARING BACK AMID A GLOBAL ENERGY CRUNCH - SYDNEY MORNING HERALD
Soaring coal prices have placed Australia’s mining and energy exports on track to reach a record $349 billion this year evenas the value of t ...
Wednesday, 13 October 21
CHINA ISN'T THE ONLY HUGE ASIAN ECONOMY WITH A COAL SHORTAGE NOW - CNBC
China is not the only Asian giant grappling with an energy crunch — India is also teetering on the edge of a power crisis.
Mos ...
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- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- South Luzon Thermal Energy Corporation
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