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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, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Australian Coal Association
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
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