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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
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