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