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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, 16 December 20
CHINA TO BOOST DOMESTIC SUPPLY - FITCH
China’s benchmark Qinhuangdao 5,500kcal/kg coal price rose above the government’s upper yellow interval of CNY600/tonne in early Octobe ...
Wednesday, 16 December 20
INDONESIAN COAL RECOVERING - FITCH
Commenting on Indonesian coal, Fitch Ratings, the Indonesian 4,200 kcal index has begun to recover, improving to over USD 29 in November compared t ...
Tuesday, 15 December 20
NEWCASTLE PRICES RECOVER - FITCH
Prices for the benchmark Newcastle 6,000 kcal/kg grade coal have rebounded to over USD 70/tonne since late November as major Asian economies ease l ...
Tuesday, 15 December 20
APAC COAL PRICES REBOUND ON IMPROVED DEMAND AND SUPPLY CUTS - FITCH RATINGS
Prices for the benchmark Newcastle 6,000kcal/kg grade coal have rebounded to over USD70/tonne since late November as major Asian economies ease loc ...
Tuesday, 15 December 20
CHINA EXTENDS FULL OPEN GESTURE TO IMPORTED COAL EXCEPT FOR AUSTRALIA - GLOBAL TIMES
Domestic, overseas suppliers will take up share with easier clearance
China's top economic planner on Saturday gave approval to ...
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- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
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