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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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Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
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- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- PTC India Limited - India
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
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