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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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Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Aditya Birla Group - India
- The University of Queensland
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Coal and Oil Company - UAE
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