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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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Saturday, 23 January 21
GOVT PLANNING TO OPEN UP COAL MARKETING TO STREAMLINE PROCESS - THE INDIAN EXPRESS
The government is considering opening up coal marketing, Coal Secretary Anil Kumar Jain said on Thursday. Currently, production by Coal India is al ...
Thursday, 21 January 21
LNG MARKET RIDING HIGH, BUT WILL THE GAINS CONTINUE? - DREWRY
The LNG market started 2021 on a high note with Asian spot prices crossing $30 per MMBtu while LNG shipping rates recorded a high $350k per day due ...
Thursday, 21 January 21
CHINA'S SPOT THERMAL COAL PRICES REFRESH RECORD HIGH - MYSTEEL
Despite the moderate rebound in temperatures across most regions of China after late December’s deep-freeze, thermal coal prices in the count ...
Wednesday, 20 January 21
CORONAVIRUS OUTBREAK IN HEBEI HAS LIMITED IMPACT ON CHINA'S STEEL INDUSTRY - FITCH RATINGS
The recent Covid-19 outbreak in the steel producing hub Hebei will not have material impact on China’s steel industry, Fitch Ratings says.
...
Wednesday, 20 January 21
MARKET INSIGHT - INTERMODAL
While 2020 is finally behind us, its negative impacts are still hovering over the shipping market. That being said, it is still too early to even s ...
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- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
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