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