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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
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