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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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Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
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- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Planning Commission, India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
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