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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, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Sojitz Corporation - Japan
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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