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