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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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Thursday, 20 August 20
MINER BHP CONFIRMS PLANS TO EXIT THERMAL COAL SECTOR - THE SYDNEY MORNING HERALD
The head of mining giant BHP has laid out plans for a reshaping of its global operations by seeking to quit thermal coal mining, offload some cokin ...
Thursday, 20 August 20
LONDON RETAINS ARBITER CROWN - BALTIC EXCHANGE | HFW
Fears that the UK’s decision to leave the European Union would dent the reputation of the nation’s capital as the leader in maritime ar ...
Wednesday, 19 August 20
U.S. COAL STOCKPILES STEADILY INCREASE AFTER REACHING LOWEST LEVEL IN A DECADE IN 2019 - EIA
After reaching their lowest level in more than a decade in March 2019, U.S. coal stockpiles steadily increased to 152 million tons in April 2020, r ...
Wednesday, 19 August 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.26 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.92 points Monday, down 0.26 percent week on week.
The index, released by Chi ...
Wednesday, 19 August 20
COAL INDIA TRADE UNIONS DEFER DAY-LONG STRIKE: PTI
The unions had decided to go on strike against the commercial mining and the proposed divestment or buyback of shares of Coal India Ltd (CIL).
...
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- Latin American Coal - Colombia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- White Energy Company Limited
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Romanian Commodities Exchange
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