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