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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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Tuesday, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- The University of Queensland
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- White Energy Company Limited
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
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