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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, 13 January 21
CHINA THERMAL GENCO PROFITS FACE PRESSURE AMID POWER SHORTAGES - FITHCH WIRE
High coal and gas prices will put near-term pressure on margins for thermal power generators in China, says Fitch Ratings. However, the power short ...
Wednesday, 13 January 21
COAL TO BE BIGGEST CONTRIBUTOR TO INDIA'S $5 TRILLION ECONOMY: AMIT SHAH - BUSINESS STANDARD
The Centre on Monday awarded the letter of allocation to successful bidders of coal mines under the commercial auction held during October-November ...
Monday, 11 January 21
MUTED COAL RECOVERY IN 2021 - BALTIC EXCHANGE
Coal demand is expected to rebound in 2021
Medium-term outlook is less favourable although demand declines are expected to be subtle ...
Sunday, 10 January 21
KOREAN GENCOS INVITED BIDS FOR TOTAL 880,000 TONS OF COAL FOR MARCH 2021 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), on behalf of EWP, KOSPO, KOSEP and KOWEPO issued an international tender for total 880 ...
Friday, 08 January 21
INDIA COULD COMPETE AGAINST CHINA IN SOLAR MODULE PRODUCTION WITH THE RIGHT GOVERNMENT SUPPORT - IEEFA
The focus should be on helping manufacturers become globally competitive
Although one of the top 10 solar module producers in the world, India ...
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- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Australian Coal Association
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- The University of Queensland
- Renaissance Capital - South Africa
- PTC India Limited - India
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
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