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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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Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
Saturday, 01 August 20
SHIP SHAPE - OUCH: FIS
Thursday afternoon saw a report that US GDP in Q2 shrank by 32.9%. Now this may have beaten expectations, but it’s a bit like saying that you ...
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- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
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- Ministry of Transport, Egypt
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- McConnell Dowell - Australia
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- Kepco SPC Power Corporation, Philippines
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- Bayan Resources Tbk. - Indonesia
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- Planning Commission, India
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- Economic Council, Georgia
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- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
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- Gujarat Electricity Regulatory Commission - India
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- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
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- Ministry of Finance - Indonesia
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- SMC Global Power, Philippines
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- Wood Mackenzie - Singapore
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- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
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- Therma Luzon, Inc, Philippines
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- Meralco Power Generation, Philippines
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- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
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- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
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- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
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- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- The University of Queensland
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
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- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
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- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
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- Ministry of Mines - Canada
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- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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