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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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Tuesday, 28 September 21
THE MAIDEN EDITION OF DIVE TECHNOLOGY SUMMIT 2021 CONCLUDES SUCCESSFULLY
Press Release: DIVE TECHNOLOGY SUMMIT 2021, a one-day conference on the recent technological advancements in the Industrial Diving industry conclud ...
Monday, 27 September 21
CHINESE COAL FIRMS MEET TO ADDRESS WINTER SUPPLY CHALLENGES - CNBC
Major Chinese coal producers are trying to resolve supply shortages and curb price rises as the country’s winter consumption peak approaches, ...
Saturday, 25 September 21
HIGH STAKES FOR ASIAN DEVELOPMENT BANK’S AMBITIOUS COAL POWER RETIREMENT PLAN - IEEFA
Implementation challenges could block funding for other equally important high impact clean energy funding strategies
In the lead up ...
Thursday, 23 September 21
LONGER COAL CONTRACTS MAY REIN IN PRICES - ECNS
In China’s coal sector that has been marred recently by price surges, regional authorities and related enterprises should ensure the fuel con ...
Thursday, 23 September 21
BALTIC INDEX HITS 12-YEAR PEAK ON FIRMER VESSELS RATES - REUTERS
The Baltic Exchange’s main dry bulk sea freight index rose for a fourth straight session on Wednesday to a 12-year high, buoyed by higher rat ...
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- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Business Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Minerals Council of Australia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
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