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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Aditya Birla Group - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
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