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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, 02 September 20
INDONESIA COAL PRICE REFERENCE DIVES FURTHER IN SEPTEMBER DUE TO SUBDUED DEMAND & GLOBAL OVERSUPPLY
Subdued demand & global oversupply pushed down this month's HBA
COALspot.com: The Indonesia Coal Price Reference ...
Tuesday, 01 September 20
WHY INDIA CAN'T MATCH THE GULF REGION'S RECORD-LOW SOLAR TARIFFS - IEEFA
5-10% annual decline in tariffs estimated for the next decade
A number of countries in the Gulf region have set record-low prices for solar in ...
Tuesday, 01 September 20
COVID-19 PUSHES US LNG INTO A TIGHT SPOT - DREWRY
The pandemic-led weak projections for economic growth will derail US LNG exports in full-year 2020 with the country also losing ground in the long ...
Monday, 31 August 20
DEFECTIVE PASSAGE PLANNING: UNSEAWORTHINESS OR A NAVIGATIONAL DECISION? THE CMA CGM LIBRA QUESTION SAILS ON TO THE UK SUPREME COURT - GARD
KNOWLEDGE TO ELEVATE
The UK Supreme Court has granted leave to appeal the recent decision in Alize 1954 v Allianz Elementar Versicherungs AG ( ...
Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
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- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Parliament of New Zealand
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- The University of Queensland
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Planning Commission, India
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
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