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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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- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
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