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Monday, 14 July 14
THE END OF THE ERA OF HEAVY FUEL OIL IN MARITIME SHIPPING - ICCT
 KNOWLEDGE TO ELEVATE
Since the 1960s, heavy fuel oil (HFO) has been the king of marine fuels. Viscous, dirty, yet inexpensive and widely available, HFO propelled a long period of robust growth in international shipping, which carries over 90% of intercontinental trade by volume each year. For many, it is the lifeblood of the maritime shipping industry.
But HFO’s low price does not reflect its impacts on the environment and human health. The sulfur content of HFO can be up to 35,000 parts per million. It is the reason that maritime shipping accounts for 8% of global emissions of sulfur dioxide (SO2), making the industry an important source for acid rain as well as respiratory diseases. In some populous port cities, such as Hong Kong, shipping is the largest single source of SO2 emissions as well as emissions of particulate matter (PM), which are directly tied to the sulfur content of fuel. By one estimate, PM emissions from maritime shipping led to 87,000 premature deaths worldwide in 2012.
The International Maritime Organization (IMO), the governing body of international shipping, has made a decisive effort to diversify the industry away from HFO into cleaner fuels with less harmful effects on the environment and human health. Effective in 2015, ships operated within the Emission Control Areas (ECAs) covering the Economic Exclusive Zone of North America, the Baltic Sea, the North Sea, and the English Channel will begin to use Marine Gas Oil (MGO) with allowable sulfur content up to 1,000 ppm. Starting from 2020, ships sailing outside ECAs will switch to Marine Diesel Oil (MDO) with permitted sulfur content up to 5,000 ppm.*
That tectonic shift also creates openings for a variety of new fuels. Liquefied nature gas (LNG), newly abundant and relatively affordable, is attracting the attention of many shipping companies. Although the lack of infrastructure and the uncertainty of future prices have slowed the “dash to gas,” many expect LNG to establish itself as one of major alternatives to HFO in the future. Lloyds Registry, a shipping classification society, expects LNG to take 11% of the market share in 2030.
Meanwhile, Stena Teknik, a Swedish company, is testing methanol, another natural gas product, but one that requires less storage space in a ship and is relatively easier to handle. While natural gas-based fuels may sometimes offer questionable climate benefits, due to methane leakage concerns, the IMO’s low-sulfur regulation may create needed openings for other zero-sulfur, low-carbon marine fuels. Tests using fuel cells on the Viking Lady, an offshore supply ship, demonstrated promising results.
Wind kites and solar panels have already been installed on numerous ships to supplement marine diesel engines. Even HFO will not completely disappear from the menu of marine fuels. Combined with scrubbers that capture more than 99% of the sulfur from the exhaust gas, HFO will continue to play an important role. Lloyds Registry reckons that HFO will represent about 40% of fuel use by 2030.
The shift to cleaner but pricier low-sulfur fuels is likely to heighten interest in the “fifth fuel”: energy efficiency. Historically, the maritime shipping industry, where energy often accounts for over half of operating costs, has responded to escalating fuel prices with innovative energy-saving strategies. To cite a recent example: in 2008, as fuel prices went through the roof, shipping lines cut their operating speeds by as much as 50%, helping many companies stay afloat amid one of the worst downturns in history. In an analysis of satellite data on ship operations, we’ve estimated that the industry can further slash 100 million ton of fuel use by 2030 through wider implementation of energy-saving measures that were adopted by industry leaders in 2011.
This is in addition to savings of 90 million tons of fuel because of the Energy Efficiency Design Index (EEDI), a mandatory program that will require new ships to achieve certain efficiency targets beginning in 2015.
The continued diversification of marine fuels and improvements in energy efficiency have important implications. First and foremost, they may alleviate concerns about the availability of low-sulfur fuels. Figure 1 illustrates one possible scenario, using our forecast on future marine fuel consumption and energy efficiency improvements as well as Lloyds Registry’s estimate of market shares for HFO and LNG. The efficiency improvement of the legacy fleet is the greatest force driving down the need for low-sulfur fuels, equivalent to adding about 110 “negatons” of fuel, or almost 24% of projected demand. HFO combined with scrubbers, EEDI, and distillates (MGO plus MDO) are almost neck and neck, each representing about 20% of fuel use in the chart. LNG is coming of age, with its share doubling between 2020 and 2030. Other fuels, such as renewables, fuel cells, and biofuels, are expected to hold only small market shares in 2030.
Second, the new fuels are on a collision course with IMO safety regulations concerning flashpoint, the temperature at which a fuel can vaporize to form an ignitable mixture in air.
The IMO currently requires marine fuels to have a minimum flashpoint of 60°C. But low-sulfur fuels have a lower flashpoint (50° to 55°C), meaning that they are “off-spec” and cannot be used under the IMO rule. The flashpoint requirement, which went into effect in 1976, was meant to provide a large margin of error to ensure the temperature of the engine room (normally below 45°C) does not exceed the flashpoint in any circumstance. But according to industry heavyweights such as Maersk and BIMCO, modern technologies such as advanced ventilation systems provide an adequate safety margin, and they argue that keeping the flashpoint requirement will cause the industry to miss the opportunity represented by the increased availability of low-sulfur, low-flashpoint fuels. Industry and member states such as the U.S. are urging the IMO to accelerate its consideration of an amendment to the flashpoint requirement.
By: Haifeng Wang / The International Council of Clean Transportation
*Implementation of the requirement is subject to a review of fuel availability to be completed by 2016.
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Thursday, 14 August 14
INDIA'S PLAN TO START AN INFRASTRUCTURE BOOM AND TO INVEST US$ 1 TRILLION BY 2017 WILL SURELY AFFECT THE DRY BULK TRADE - FEARNLEYS
Handy
The Atlantic Supra market has continued its improving sentiment with rates climbing and TA´s are now up about US$ 900 w-o-w, said Fea ...
Wednesday, 13 August 14
WEEKLY MARKET INSIGHT - KONSTANTINOS KONTOMICHIS SNP BROKER
Being at the peak of the holiday season, August is, as usual, the quietest month in terms of snp transactions, yet it is also a time very critical ...
Wednesday, 13 August 14
WHAT DOES PROJECT CARGO REALLY MEAN TO INSURERS?
KNOWLEDGE TO ELEVATE
Richard Kamppari-Baker, claims manager of FP Marine Risks, explains the challenges of project cargo risk assessment from ...
Wednesday, 13 August 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN CLOSE TO 57 MONTHS LOWS
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price in August. HBA for the month of A ...
Monday, 11 August 14
LARGEST CHINESE TRADE SURPLUS EVER RECORDED IN JULY - BIMCO
China recorded a trade surplus of USD 47.3 billion in July 2014. The record high surplus came on the back of very strong export growth while import ...
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- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
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