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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, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
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