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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, 26 August 20
ASIAN COAL PRICES LIKELY TO REMAIN DEPRESSED SAY TRADERS, ANALYSTS - REUTERS
Asian coal prices, which have fallen around 25% this year as power demand slumped due to the coronavirus outbreak, are unlikely to move higher befo ...
Wednesday, 26 August 20
WORLD COAL EXPORTS: INDONESIAN THERMAL COAL EXPORTS HAVE COME UNDER PRESSURE AS THERMAL COAL PRICES WEAKEN - REPORT
Indonesia’s exports to decline sharply from record highs
Indonesia is the world’s largest thermal coal exporter, sellin ...
Wednesday, 26 August 20
JAPAN'S COAL IMPORTS ARE BEING AFFECTED BY COMPETING INFLUENCES - REPORT
Japan is the world’s third largest thermal coal importer, importing an estimated 135 million tonnes of thermal coal in 2019. The country&rsqu ...
Wednesday, 26 August 20
PENDING SOUTH KOREA LEGISLATION COULD FORCE HALT TO COUNTRY’S COAL PLANT EXPORT DEALS - KOREA ECONOMIC DAILY
South Korea’s parliament looks set to pass new legislation to ban financing on foreign coal power projects, putting all overseas coal-fired p ...
Tuesday, 25 August 20
INDIA'S IMPORTS FALL AS LOCKDOWNS IMPACT THE POWER AND INDUSTRIAL SECTORS - REPORT
India is the world’s second largest thermal coal consumer and importer, importing an estimated 211 million tonnes of thermal coal in 2019.&nb ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
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