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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- Economic Council, Georgia
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
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