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