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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, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Planning Commission, India
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
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