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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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Wednesday, 13 October 21
MARKET INSIGHT - INTERMODAL
Following up on our insight on May 2021, where we discussed about the Capesize market outlook for the second half of the year, we are pleased to se ...
Wednesday, 13 October 21
FBX INDEX: THE IMPOSSIBILITY OF SHORT-TERM FORECASTING - LARS JENSEN
Will freight rates on Asia-Europe or the Transpacific reach 40.000 USD/FFE in the run-up prior to Chinese New Year 2022? Or will they start droppin ...
Wednesday, 13 October 21
CHINA FLOODS: COAL PRICE HITS FRESH HIGH AS MINES SHUT - BBC
The price of coal used in China’s power plants has surged to a new record high as another of the country’s key mining regions is hit by ...
Tuesday, 12 October 21
BUMA SIGNS CONDITIONAL AGREEMENT FOR AUSTRALIAN ASSET ACQUISITION
PT Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama, through its newly incorporated Australian subsidiary, BUMA International Pty ...
Tuesday, 12 October 21
INDONESIA'S COAL-BASED POWER PLANTS ARE SUBJECT TO CARBON TAX NEXT YEAR, ELECTRICITY COSTS COULD RISE! - CNBC
The Indonesian government is planning plans to implement a carbon tax of IDR 30 per kilogram (kg) of carbon dioxide equivalent (CO2e) or equivalent ...
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- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- The University of Queensland
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
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