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