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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
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- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
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- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
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- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
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- IHS Mccloskey Coal Group - USA
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- Electricity Authority, New Zealand
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- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
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- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
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- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Bhatia International Limited - India
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
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