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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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Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
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- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
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- Renaissance Capital - South Africa
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- Indian Energy Exchange, India
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- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
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- Orica Mining Services - Indonesia
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- Bangladesh Power Developement Board
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- Posco Energy - South Korea
- Economic Council, Georgia
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- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Edison Trading Spa - Italy
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- Sojitz Corporation - Japan
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- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
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- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
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