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