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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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Wednesday, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
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- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
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