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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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Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
Tuesday, 08 December 20
MARKET ANALYSIS - ALLIED SHIPPING
It is now undisputed that oil consumption for 2020 will post a considerable drop, as demand for several petroleum products has plummeted since the ...
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- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Planning Commission, India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
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