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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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Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- The University of Queensland
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
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