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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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- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Planning Commission, India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- White Energy Company Limited
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
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