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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Formosa Plastics Group - Taiwan
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