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