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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, 21 October 20
MARKET INSIGHT - INTERMODAL
The second wave of COVID-19 is now a reality; offices are closing again, and stricter rules and regulations are being implemented in public spaces. ...
Tuesday, 20 October 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.82 PCT - XINHUA
China Taiyuan coal transaction price index stood at 127.49 points Monday, up 0.82 percent week on week.
The index, released by China ...
Tuesday, 20 October 20
BIMCO 'SHIPLEASE' TERM SHEET - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The ever-growing importance of sale and leaseback transactions as an alternative to financing ships by way of loan, makes ...
Friday, 16 October 20
KOMIPO ON BEHALF OF K GENCO'S INVITED BIDS FOR TOTAL 715,000 MT MIN. 5,700 NAR COAL FOR DECEMBER
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 715,000& ...
Wednesday, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
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- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- CIMB Investment Bank - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
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