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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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Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
Sunday, 21 February 21
ANZ DIVESTING FROM THE WORLD’S LARGEST COAL EXPORT PORT IS 'PRAGMATISM' - IEEFA
The biggest buyers of Australian thermal coal have committed to net-zero emissions
ANZ, Australia’s third largest bank, has decided to s ...
Sunday, 21 February 21
EDITORIAL: TIME FOR BANGLADESH TO FOCUS ON RENEWABLE ENERGY, NOT COAL - DHAKA TRIBUNE
Shifting away from coal is not only desirable, but absolutely necessary in these times.
In spite of being detrimental to environment ...
Wednesday, 17 February 21
STRANDED ASSETS A LONG-TERM RISK FOR MAJOR FOSSIL FUEL EXPORTERS - FITCH RATINGS
Fossil exporters face a loss of GDP, government revenue and export receipts from the transition to a lower-carbon economy over the coming decades. ...
Friday, 12 February 21
U.S: WIND SURPASSED COAL AS NO. 1 FUEL SOURCE IN 2020 FOR SOUTHWEST POWER POOL - IEEFA
Wind energy growth due to geography, design factors, and new installations
Wind surpassed coal as the primary power generation sourc ...
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- Directorate Of Revenue Intelligence - India
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- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
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- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
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- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
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- Economic Council, Georgia
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- PTC India Limited - India
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
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- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
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- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
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- Power Finance Corporation Ltd., India
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- Energy Development Corp, Philippines
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- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
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- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
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- Africa Commodities Group - South Africa
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- Indonesian Coal Mining Association
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