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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, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
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- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Marubeni Corporation - India
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
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