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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Australian Coal Association
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
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