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