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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Australian Coal Association
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
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