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