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