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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Central Java Power - Indonesia
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- Price Waterhouse Coopers - Russia
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- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
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- Metalloyd Limited - United Kingdom
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- Larsen & Toubro Limited - India
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- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Economic Council, Georgia
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- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
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- Australian Commodity Traders Exchange
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- Madhucon Powers Ltd - India
- Parliament of New Zealand
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- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
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- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
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- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Planning Commission, India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
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