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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, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
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