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