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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
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