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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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Friday, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
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