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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, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
Thursday, 27 August 20
BANGLADESH POWER MINISTRY SEEKING AUTHORITY TO CANCEL 13,000 MW OF PROPOSED COAL-FIRED CAPACITY - BUSINESS STANDARD
In a bid to move away from dirty energy, the Ministry of Power, Energy and Mineral Resources is seeking the prime minister’s approval to conv ...
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- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- The University of Queensland
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
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