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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Saturday, 11 September 21
CIL STEPS UP SUPPLY COAL TO POWER SECTOR; PER-DAY AVERAGE 20 PC HIGHER THAN LAST YEAR - PTI
State-owned CIL on Friday said it has stepped up the supply of coal to the power sector in the first eight days of the current month, with an avera ...
Saturday, 11 September 21
RECORD CHINESE COAL FUTURES SIGNAL NEED TO BOOST OUTPUT - REUTERS
China’s coal prices have climbed to a record high, signaling the need for more production in the short term, even as the government tries to ...
Saturday, 11 September 21
IN 2022, EIA EXPECTS U.S. COAL PRODUCTION TO INCREASE BY 47 MMST TO 648 MMST
U.S. Coal production accordng to EIA's forecast, totals 601 million short tons (MMst) in 2021, 66 MMst more than in 2020, EIA's Short-Term ...
Wednesday, 08 September 21
FITCH RATINGS RAISES THERMAL COAL PRICE ASSUMPTIONS ON TIGHT SUPPLY
Fitch Ratings has increased all its Qinhuangdao 5,500kcal/kg price assumptions and short- and medium-term Newcastle 6,000kcal/kg price assumptions ...
Wednesday, 08 September 21
COAL IS STILL KING; INDONESIAN COAL PRICE REFERENCE ABOVE $150 FOR FIRST TIME IN HISTORY
COALspot.com: The Indonesian Coal Price Reference rose dramatically from US$ 127.05 in February 2011, to a peak of US$ 150.03 in September 2021, be ...
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- Billiton Holdings Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- The University of Queensland
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
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