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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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Wednesday, 02 December 20
INDONESIA CONSIDERING CLOSING 3,400MW SURALAYA COAL PLANT - THE JAKARTA POST
The government is considering to shut down the aging Suralaya coal-fired power plant (PLTU) in Cilegon, Banten, and replace it with green energy, a ...
Wednesday, 02 December 20
MARKET INSIGHT - INTERMODAL
It has been another busy week in the dry bulk secondhand market; a healthy number of sales reported predominantly from Japanese owners while owner& ...
Thursday, 26 November 20
DECLINE IN COAL EXPORTS ADDS TO NAVAJO-OWNED COMPANY'S PROBLEMS - IEEFA U.S.
Weak demand and low prices are likely creating steep losses for NTEC
U.S. coal exports to Asia—once heralded as the saving gra ...
Thursday, 26 November 20
COAL FINANCING QUICKLY DRYING UP WORLDWIDE - ANALYSTS : REUTERS
Financing for coal projects is drying up at ever increasing rates as more countries target zero carbon emissions amid an energy transition sweeping ...
Wednesday, 25 November 20
LIBOR REPLACEMENT AND SHIP FINANCE - WHERE IS IT HEADING? - WFW
The likely replacement of the LIBOR at the end of 2021 creates difficult technical and practical issues for all sectors of business and finance. Th ...
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- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- VISA Power Limited - India
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