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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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Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
Wednesday, 09 September 20
MARKET INSIGHT - INTERMODAL
The uneventful summer lull which is coming to an end soon has left its stigma on the newbuilding market, which has already been devastated by the g ...
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- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
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