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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, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
Wednesday, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
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- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
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