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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, 24 March 21
MARKET INSIGHT - INTERMODAL
Since the start of the pandemic, the shipping industry has efficiently responded to ensure the continuity of operations and hence the security of s ...
Tuesday, 23 March 21
LOWER WHOLESALE PRICES PUT PRESSURE ON AUSTRALIAN ENERGY RETAILERS - FITCH RATINGS
Fitch Ratings expects the low wholesale energy prices in the Australian National Energy Market to persist through to 2022, which will affect electr ...
Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be c ...
Tuesday, 23 March 21
CHINA'S COAL OUTPUT EDGES UP IN FIRST TWO MONTHS - XINHUA
China’s raw coal output rose 25 percent year on year to 620 million tonnes in the first two months of 2021, official data showed.
...
Wednesday, 17 March 21
MARKET INSIGHT - INTERMODAL
Shipping market players are familiar with the inverse correlation between the freight market and demolition activity i.e. when the market picks up ...
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- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- PTC India Limited - India
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- The University of Queensland
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
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