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