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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
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- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
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