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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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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Semirara Mining and Power Corporation, Philippines
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- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- White Energy Company Limited
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
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- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
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- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
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- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Parliament of New Zealand
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
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- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
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- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
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- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
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- Eastern Energy - Thailand
- Posco Energy - South Korea
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- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
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