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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, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
Friday, 07 August 20
PEABODY'S $1.42 BILLION WRITE-DOWN CONCEDES COAL MINES HAVE LITTLE VALUE AND DIM FUTURE - IEEFA
Trouble at biggest mine in Powder River Basin speaks volumes about state of industry
Peabody Energy, the world’s largest priva ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Planning Commission, India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
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