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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, 07 October 20
MARKET INSIGHT - INTERMODAL
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Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
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