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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, 04 January 21
U.S. RENEWABLE ENERGY CONSUMPTION SURPASSES COAL FOR THE FIRST TIME IN OVER 130 YEARS - EIA
In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S ...
Monday, 04 January 21
BLISS FOR SHIPOWNERS! DAMAGES MAY BE CLAIMED IN ADDITION TO DEMURRAGE FOR VOYAGE CHARTERPARTY DELAY - WFW
KNOWLEDGE TO ELEVATE
In a significant decision for the maritime sector, The Eternal Bliss[1], the English Commercial Court has resol ...
Sunday, 03 January 21
INDIA: COMMERCE MINISTRY LAUNCHES COAL IMPORT MONITORING SYSTEM - PTI
CIMS shall require importers to submit advance information in an online system for imports of items and obtain an automatic registration number by ...
Wednesday, 30 December 20
A LOOK BACK INTO 2020: THE HEADWINDS, THE TAILWINDS AND EVERYTHING IN BETWEEN - SIGNAL
There is no doubt that 2020 has been a turbulent year for commercial shipping. The coronavirus pandemic has shaken the global maritime transport. T ...
Tuesday, 29 December 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.66 PCT - XINHUA
China Taiyuan coal transaction price index stood at 134.78 points Monday, up 0.66 percent week on week.
The index, released by China ...
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- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Electricity Generating Authority of Thailand
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
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