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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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Monday, 17 July 23
APPROVED AMMONIA-FUELED CONTAINERSHIP - BENEFITS AND RISKS: REED SMITH
Following the news in Offshore Energy that Korea Maritime Consultants has secured approval in principle from the American Bureau of Shipping for it ...
Friday, 14 July 23
CLEAN COAL USE KEY TO DEEP CUTS IN EMISSIONS, STABLE ELECTRICITY SUPPLY - CHINA DAILY
China must push for the clean use of coal and step up integration of the dirty fuel with carbon capture, utilization and storage to achieve sustain ...
Thursday, 13 July 23
VIETNAM'S COAL EMISSIONS PRIMED FOR SURGE AFTER IMPORTS JUMP - REUTERS
Vietnam’s thermal power emissions are primed for a steep climb this summer after the country’s imports of thermal coal soared to their ...
Monday, 26 June 23
COAL PRODUCTION AND CONSUMPTION UP IN 2022 - EUROSTAT
In 2022, EU coal production and consumption continued to increase, reaching 349 million tonnes (+5% compared with the previous year) and 454 millio ...
Wednesday, 21 June 23
QATAR STRIKES SECOND BIG LNG SUPPLY DEAL WITH CHINA - REUTERS
Qatar on Tuesday secured its second large gas supply deal with a Chinese state-controlled company in less than a year, putting Asia clearly ahead i ...
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- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
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- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
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- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- The University of Queensland
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
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