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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- PTC India Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
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