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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, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
Wednesday, 07 October 20
U.S. COAL PRODUCTION TO DECREASE BY 26 PERCENT IN 2020 COMPARED TO 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 525 million short tons (MMst), compared with 705 MMst in 2019, a 26% decrease.
COVID-19 a ...
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- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Economic Council, Georgia
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- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
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- Planning Commission, India
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- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
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- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Romanian Commodities Exchange
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
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- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
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- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
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