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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, 06 August 20
SUPRAMAX MARKET CONTINUED SIDEWAYS TREND, AND LITTLE INSPIRING NEWS APPEAR - FEARNLEYS
Capesize
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Thursday, 06 August 20
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Wednesday, 05 August 20
NO NEW MINING LICENSES - A REMINDER TO GOVERNORS IN INDONESIA - SSEK
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Wednesday, 05 August 20
AUGUST 2020 HBA HITTING ITS LOWEST LEVELS IN HISTORY
COALspot.com: The Indonesia Coal Price Reference for the month of August plunged 30.73% YoY, hitting its lowest levels in history and highlighting ...
Wednesday, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
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- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Planning Commission, India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Bhushan Steel Limited - India
- PTC India Limited - India
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Georgia Ports Authority, United States
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