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