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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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Monday, 24 August 20
A COMBINATION OF DEVELOPMENTS DROVE THE FALLOFF COAL PRICES - CHIEF ECONOMIST’ OFFICE, AUSTRALIA
China, rising domestic production combined with subdued power demand;
India, a lockdown coupled with government directives that fav ...
Monday, 24 August 20
AUSTRALIA'S THERMAL COAL EXPORTS ARE FORECAST TO DROP FROM AN ESTIMATED $20 BILLION IN 2019-20 TO $16 BILLION IN 2020-21: REPORT
Thermal coal spot prices have fallen sharply as the impact of COVID-19 drives a contraction in seaborne trade for only the second time this century ...
Saturday, 22 August 20
REPORT SEES INDIA’S RELIANCE ON THERMAL POWER DROPPING TO 50% IN 2021, 43% IN 2026 - ET ENERGY | IEEFA
India’s dependence on thermal power will reduce to 50 per cent by 2021-22 and 43 per cent by 2026-27 on the back of renewable energy (RE) cap ...
Friday, 21 August 20
323 MILLION ELECTRIC VEHICLES WILL BE ON THE ROADS BY 2040 - WOOD MACKENZIE
Electric vehicle (EV) sales are expected to reach 45 million units per year by 2040, with a total global EV stock of 323 million, according to new ...
Friday, 21 August 20
BHP COMMITS TO SELLING ITS THERMAL COALMINES WITHIN TWO YEARS - THE GUARDIAN
Move follows pressure from investors but company stops short of full exit from coalmining
BHP has announced it plans to sell off its ...
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- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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