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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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Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
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- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
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- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- The Treasury - Australian Government
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- Trasteel International SA, Italy
- Commonwealth Bank - Australia
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- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
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- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- The University of Queensland
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
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- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
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- Billiton Holdings Pty Ltd - Australia
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