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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, 11 October 21
COAL ABANDONMENT IN POWER GENERATION PROMOTED GAS DEMAND GROWTH IN EUROPE - TOP MANAGER: TASS
Accelerated abandonment of coal in power generation and the overall recovery of economic activity facilitated gas demand growth in Europe and led t ...
Saturday, 09 October 21
CHINA POWER CUTS: COAL MINERS ORDERED TO BOOST OUTPUT, SAY REPORTS - BBC
Beijing has reportedly ordered China’s coal mines to boost output as an energy shortage across the country has seen millions of homes and bus ...
Friday, 08 October 21
SEPTEMBER CRUDE OIL TANKER DEMOLISHING HITS 39-MONTHS HIGH AT 1.9M DWT - PETER SAND
Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9m DWT of capacity that was removed in September, the answ ...
Friday, 08 October 21
COAL SHORTAGE MAY LEAD TO RISE IN STEEL PRICES IN COMING MONTHS: JSPL MD - PTI
Steel prices are expected to increase in the coming months as companies are buying coal at three times the rates a month ago, said a top industry e ...
Wednesday, 06 October 21
INDONESIA COAL PRICE REFERENCE: ANOTHER MONTH, ANOTHER RALLY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second and third quarters of 2021 as it reached a pinnacle of $161.63 Oc ...
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- Australian Coal Association
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
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