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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, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 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 ...
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- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
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