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Wednesday, 25 November 20
MARKET INSIGHT - INTERMODAL
 Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an affordable price, while it is promptly available across the globe. LPG is mainly sourced from natural gas and oil production operations, but as new technologies and techniques grow, it can be further produced from renewable sources. Currently, LPG is already a preferred marine fuel solution for LPG carriers. Furthermore, the World LPG Association has stated that LPG as a marine propulsion fuel will play a leading role towards IMO's 2050 regulations, which will require further reduction on greenhouse gas emissions by at least 50% until 2050, compared to 2008. As stated by the WLPGA association with the marine industry pressured to comply with IMO 2020 by reducing emissions, LPG can make significant inroads into the marine fuel market. Hence, LPG propulsion, starting with the LPG carrier sector, needs to move beyond a niche fuel option, to gain the acceptance in the wider shipping sector that it deserves.
The current demanding environmental regulations and large capital investment required to set up new facilities, have restrained the market growth. Advancements in technologies, such as new alternative fuel propulsion engine technologies, are expected to boost market growth. LPG as a propulsion fuel is today almost absent from the shipping sector and especially from commercial vessels, where the vast majority of engines are diesel, and alternative fuels solutions such as LNG continue their growth. However, regarding larger commercial and passenger ships, LPG is starting to get some attention as it stands as a likely alternative among the other gaseous fuels. Ship operators, with traditional propulsion plants and fuels, mainly couldn’t meet the new 2020 regulations without installing expensive exhaust equipment or switching to low‐sulphur diesel, low‐sulphur residual, or other alternative fuels, all of which have an impact on profit. As attention turns to an array of possible solutions, heavy-sulphur fuel oil with scrubbers, distillates, blended fuels and LNG, so as to comply with the IMO's 0.5% global sulphur cap regulation, LPG may gain more acceptance as a viable solution, as compared to LNG, which is more problematic and expensive to implement.
As reported LPG's growth will be fast-tracked, since the infrastructure for distribution and bunkering is already largely available to serve potential marine market demand. There are more than 1,000 LPG storage facilities worldwide that can be used for LPG bunkering, and more than 700 small size LPG carriers, that can be used for ship-to-ship bunkering. It is worth to mention that in 2018 Dorian LPG entered into a MOU with Hyundai Global Service to undertake research and engineering studies to upgrade the main engines of up to 10 of the Company's VLGCs to dual fuel technology utilizing LPG as fuel in anticipation of environmental regulations. LPG supply surplus is an additional advantage with production excess ranging from 15 to 27 ΜΤ per year, which are either used or “lost”. Reduce LPG prices (comparatively to LNG) driven by the shale gas revolution is also an important driver for market entry.
On the other hand, the use of LPG as a marine fuel faces challenges that need to be defeated such as the investment required by ship owners and fleet operators and the need for LPG to be on a level playing field with other alternative fuels. Also, the prerequisite of technology development of new engines together with the necessity of commercialization of these new engines.
Last but not least, shipbuilders are already considering vessel designs that use LPG as propulsion fuel. It can be used in all sizes of vessels from the largest ocean going ships, down to the smaller boats with inboard or outboard engines. It may play a leading role in this changing environment and re-establish its position, as an effective alternative clean marine fuel. Coordinated action from all related stakeholders is key to address the identified specific issues that hinder development and release the market potential.
By Katerina Restis
Tanker Chartering
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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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 thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
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