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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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Tuesday, 29 September 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.73 PCT - XINHUA
China Taiyuan coal transaction price index stood at 125.91 points Monday, up 0.73 percent week on week.
The index, released by China ...
Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
Here we are, just a short breath before the final quarter of the year, and many are now debating to what extent we can really expect a firm dry bul ...
Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
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- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Parliament of New Zealand
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
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