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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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Saturday, 05 September 20
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Friday, 04 September 20
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- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
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