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