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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
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