March 08, 2021

Welcome to this week’s JMP Report

The POMX had a very active week last week with BSP, OSH and KSL trading good volume. BSP saw 455,337 shares trade unchanged at K12.00, OSH traded 1,076 at K10.02 while KSL traded 554,719 at K3.25. Refer details below.

It is Reporting Season in PNG and therefore we have seen BSP OSH, NCH and KSL announce their results to the market. Please keep and eye on your inbox for an in depth analysis on what their results are saying.


WEEKLY MARKET REPORT 01.03.21 – 05.03.21
































The TBill market was well offered by BPNG with he 364 day bill still trading at 7.20%. The main contributing factors to the stagnant rate would be the uncertainty around the economy COVID19 and still no announcements on a GIS (Government Inscribed Stock – Bonds) issuance program for 2021. 

The longer end of the yield curve remains exciting with some very attractive rates on offer 

2y – 7.54%

4yr – 9.34%

8yr – 10.72%

10yr – 11.92%


Our order book starts the week with interest on both sides of BSP and a net seller of CCP. On the interest rate side of the market, we are a net buyer of 8-10yr GIS.

What we have been reading this week


World’s Biggest Oil Company Sees ‘Huge Potential’ In Hydrogen Fuel



Saudi Aramco, which has over 220 billion barrels of oil and natural gas reserves, sees hydrogen fuel making a big impact in the future of energy. But fuel cell stocks fell.

The comments come as global oil giants look to a future powered less by fossil fuels and more by renewable sources.

“I think hydrogen has huge potential going forward in transportation and power generation,” Saudi Aramco CEO Amin Nasser said during a panel at CERAWeek by IHS Markit Tuesday.

He went on to say that said hydrogen fuel cells are likely to compete with electric vehicles in the future and hydrogen-sourced electricity could provide backup generation for wind and solar.

The cost of hydrogen power is coming down, though there is a major split.

“Green” hydrogen is produced by using solar and wind sources to power the process of extracting hydrogen from water. It’s becoming more popular as wind and solar become cheaper and does not emit any carbon when burned.

“Blue” hydrogen comes from natural gas with its carbon emissions captured and stored underground. It is two to three times cheaper in most cases than “green” hydrogen, which costs $5 to $6 per kilogram, according to Nasser.

Aramco, the world’s largest oil company, is already making moves in the hydrogen space. It shipped 40 tons of “blue” ammonia to Japan in October. Ammonia, a chemical made from nitrogen hydrogen, is a way to store and ship hydrogen.

Waste-to-Energy (WtE) Market Report shows the future growth of the market

Extract from – waste-management-world.com


Research and Market launches a new report: The “Waste-to-Energy (WtE) Market – Global Industry Analysis (2017-2020). Growth Trends and Market Forecast (2021-2025)”, analyse the past and current status of the Waste to Energy Market.


The global demand for waste-to-energy (WtE) market is expected to witness high surge in demand as governments across the globe invest in developing sustainable solutions for generating energy from waste.

This is being encouraged by improved awareness amongst consumers about the depletion of the non-renewable energy resources and soaring levels of pollution across land, water and air. Collectively, these factors have contributed to rise in demand for the incineration process and public waste-to-energy expenditure.

Zero emission sources

The positive approach to waste-to-energy technologies has led to its widespread acceptance in various countries. The need to cater to the rising demand of electricity consumption is also triggering the demand for these alternative technologies. Government bodies are increasingly implementing several federal laws and regulations to control usage of non-renewable energy resources. Countries are moving towards achieving the zero emission sources, bolstering the demand for the global waste-to-energy market.

However, there are certain restraints affecting the growth of the global market such as environmental hazards associated with the incineration process.

The type segment in the waste-to-energy market is segregated into thermal and biological. The thermal segment is further segmented into incineration, pyrolysis, and gasification. Among these, the incineration segment is expected to lead the global waste-to-energy market by registering a rising CAGR over the forecast period. There has been a rise in waste generation across the globe leading to increased demand for incineration process globally. This process is increasingly rising in demand as it can treat multiple types of wastes.

North America has high potential for growth

North America is expected to lead the global waste-to-energy market as this region has high potential due to developed economies in this region. North America has high potential for growth with steady installations of waste to energy plants. The government policies in this region are strict, adhering to the Paris Climate Change Agreement hence, bolstering demand for better alternatives of non renewable energy sources.

Europe is also expected to rise in demand during the forecast period as this region is heavily focusing on an energy system that depends lesser on fossil fuels.

Key players in the market are actively focusing on strategies such as mergers and acquisitions. There has been a rise in investment for research and development activities as investors are actively seeking reliable sources of energy conversion to create lucrative market growth opportunities. The key players operating in the global waste-to-energy market are Covanta Energy Corporation, Veolia, Seuz Environment, China Everbright International Limited, EDF, AVR, EQT AB, Wheelabrator, Hitachi Zosen Inova AG, Babcock & Wilcox, Viridor, Ramboll Group and GCL Poly.

Key Highlights

Rise in demand for sustainable energy sources to boost the demand for the global market.
Stricter government laws and regulations are forcing the key players to invest in alternative sources of energy generation.
The incineration segment expected to rise, owing to its ability to treat multiple types of wastes.
Players to focus on investing in research and development activities to stay at the top of the game


Salt-based energy storage trial taps “first-class” Australian technology

Sophie Vorrath


Swedish plans to develop and trial a salt-based energy storage system will enlist the electric kiln technology of award-winning Australian company Calix, in an agreement with Sweden-based SaltX Technology.

ASX-listed Calix said on Monday that it had entered an agreement with SaltX to build a pilot-scale 200kW electric powered direct separation reactor (eDS) in Sweden to be used as a charger in its energy storage system.

The joint venture, which would also incorporate Japanese giant Sumitomo, will install the reactor at SaltX’s current pilot in Stockholm, with a “complete optimised storage solution” expected to be ready for testing and validation within the calendar year. And if the tests prove successful, a megawatt-scale commercial plant could follow.

“We are thrilled to have a leading partner like Calix for optimising SaltX EnerStore system further,” said Carl-Johan Linér, the CEO of SaltX Technology in a company statement.

“Calix is a provider of first-class solutions and I’m convinced that this is the start of a promising long-term collaboration. Furthermore, I’m also proud that we now have secured a scalable technology for the charging equipment.’’

SaltX is behind a patented nanocoated salt that claims to have solved a couple of the key barriers to using salt as an energy storage medium, including its highly corrosive properties and its tendency to degrade and lose efficiency after a limited number of cycles.

“We use a technology where, it’s similar to an engine and a fuel tank, so the salt is the fuel and it’s really easy to scale this tank up and then we have a reactor or engine where we can take out the energy or the power,” SaltX’s marketing director Eric Jacobson said in 2019.

This is where Calix’s electric reactor technology comes in – a version of which the company successfully built and commissioned in 2019 at its Bacchus Marsh facility in Victoria.

The Victorian project, dubbed BATMn – a portmanteau of batteries and manganese, pronounced Batman – was Calix’s first demonstration of an all-electric reactor, and showed that its proprietary technology could be run entirely by electricity – a win in the bid to decarbonise industrial heating processes.

Calix’s immediate plans following the success of the BATMn reactor had focused on the development of low-cost, safe, and easier to recycle electrode materials for lithium-ion battery technology. But the company also flagged a longer-term R&D focus on the “development of high performance nano-active materials for next-generation, solid-state and post lithium electro-chemical energy storage technologies.”

Which brings us back to the SaltX system. Calix – having returned promising results from lab testing of the nanocoated salt – says it has executed a purchase agreement with SaltX for the design and supply of a 200kW eDS pilot reactor, as part of the Swedish demonstration project.

SaltX will be responsible for the construction and operation of the pilot reactor, while Calix will provide a non-exclusive, non-transferable limited license to SaltX to use the eDS reactor for the pilot plant.

The deal also gives Calix the right to undertake its own research in the eDS unit and – as mentioned above – to work with SaltX on further collaboration on a larger 1MW capacity unit, subject to the results achieved at the pilot plant.

“The use of Calix’s technology in baseload energy storage systems was foreshadowed as we developed our SOCRATCES project in Europe – which is based upon solar-powered calcium looping and is progressing well,” said Calix managing director and CEO Phil Hodgson in a statement.

“We are very pleased to be working with SaltX on its system now also. This system has great potential for load balancing applications as the grid de-carbonises,” Hodgson said.

“Calix is a pioneer in developing sustainable solutions for many industries and therefore I believe this co-operation will have many benefits in SaltX mission of developing energy storage solutions that will have a real change for the renewable energy sector,” added SaltX CEO, Carl-Johan Linér.

Sophie Vorrath, Sophie is editor of One Step Off The Grid and deputy editor of its sister site, Renew Economy. Sophie has been writing about clean energy for more than a decade.

If you would like further information on our full suite of investment services, please feel free to reach out.


Chris Hagan

Head, Fixed Interest and Superannuation

JMP Securities

Level 1, Harbourside West, Stanley Esplanade
Port Moresby, Papua New Guinea

Mobile (PNG): +675 72319913
Mobile (Int): +61 414529814


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