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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, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- PTC India Limited - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
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