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