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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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Monday, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
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