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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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- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Attock Cement Pakistan Limited
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