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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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Minerals Council of Australia
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