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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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Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Ministry of Transport, Egypt
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- PTC India Limited - India
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
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