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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Planning Commission, India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Deloitte Consulting - India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
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