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