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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, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
Friday, 06 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 ...
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- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
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