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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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Sunday, 01 November 20
GRADUAL RECOVERY FOR INDONESIAN COAL FROM 4Q20; RISKS REMAIN - FITCH RATINGS
Fitch Ratings expects the credit metrics of Indonesian coal miners and coal contractors to improve from 4Q20 with the recovery in volumes and price ...
Wednesday, 28 October 20
BIODIESEL - NEW FUELS, NEW CHALLENGES - GARD | DNV GL
KNOWLEDGE TO ELEVATE
One of numerous possible ways to comply with the IMO’s strategy on the reduction of greenhouse gas (GHG) emissions ...
Wednesday, 28 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.94 points Monday, up 0.35 percent week on week.
The index, released by China ...
Wednesday, 28 October 20
MARKET INSIGHT - INTERMODAL
The global strive towards eco-friendliness and environmental sustainability in the shipping industry is mounting. There are currently almost 200 co ...
Tuesday, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
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- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
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