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