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Thursday, 24 December 15
GLOBAL MARINE FUEL REGULATIONS COULD SHOCK REFINING AND OIL MARKETS - OPEC | HELLENIC SHIPPING NEWS
 IMO regulations call for global standards for sulphur content in marine fuel to be tightened to 0.5% from its present 3.5%. There is uncertainty over this regulation, however, because there is the possibility that the implementation date could be dropped back from 2020 to 2025, and because it allows for the use of on-board exhaust gas scrubbers with high sulphur fuel as an alternative compliance mechanism. The uncertainty of the timing is a deterrent to both shippers and refiners to invest in facilities, either to scrub fuel or to convert high sulphur supplies to low sulphur. Also, as of today, on-board scrubbers remain at the testing stage and there are doubts over whether, and when, they will prove successful and be adopted en masse.
With scrubber penetration in 2020 now considered by many observers as likely to be low, the volume of high sulphur and mainly heavy marine fuel that would need to be converted to 0.5% sulphur marine distillate or other formulations could lie in the range of 2 mb/d to more than 3 mb/d. This requirement would be on top of the incremental volume and quality demands relating to diesel/gasoil, jet fuel/kerosene and other fuels.
The IMO intends to issue a recommendation on timing of implementation – whether 2020 or 2025 – by late 2016. However, if the date remains at 2020, this will leave only limited time for refiners to make what could ultimately be substantial investments and/or for scrubbers to be retro-fitted to thousands of ships. A risk is emerging that the implementation of the rule could lead to a period of strained refining markets with substantial price premiums versus crude oil for low sulphur distillate and residual fuels and severe discounts for high sulphur fuels. The impacts would not be limited to marine fuels, but would spread across all sectors and world regions. Complex refineries, especially those oriented to distillates, would potentially benefit but simpler refineries, especially those processing higher sulphur crude oils, would be adversely impacted, with possible implications for closures.
Long-term capacity requirements are ‘frontloaded’; the pace of needed refinery capacity additions inexorably slows Although the pace of refinery projects has slowed in the aftermath of the recent crude oil price drop, the 8.3 mb/d of projected total additions by 2020 (which comprise 7.1 mb/d of firm assessed projects plus model-based ‘creep’ and limited additions beyond projects) still represent over 40% of the 20 mb/d cumulative total additions projected as needed by 2040. They are also 35% higher than the total demand growth in the period from 2014–2020, an excess that increases once NGLs and other non-crude supply additions are taken into account. Moreover, rational capacity additions post-2020 are expected to be no more than half the 1.4 mb/d p.a. expected between now and 2020, and less than one-third in the last five years of the forecast period.
Source: OPEC | Hellenic Shipping News
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Tuesday, 26 January 16
Q3'16 CFR SOUTH CHINA COAL SWAP DROPPED BELOW $41 A TON
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery rose US$ 0.82 (1.94%) per ton month over month.
A commodity swap is ...
Tuesday, 26 January 16
OUTLOOK FOR GLOBAL OIL MARKETS - OPEC SECRETARY GENERAL
Opening address by HE Abdalla S. El-Badri, OPEC Secretary General, at the Chatham House Conference: Middle East and North Africa Energy 2016, Theme ...
Monday, 25 January 16
5700 GAR COAL INDEX CLOSED $ 50.08 PER TON, $0.20 LOWER FROM LAST WEEK
COALspot.com: Average 5000 GAR coal index of Indonesian origin decline 1.35 percent week over week to averaging $39.39 per ton on this past Friday, ...
Monday, 25 January 16
SHOULD A DEFAULTING PARTY BE ENTITLED TO AN INNOCENT PARTY'S SAVING, FOLLOWING THEIR BREACH OF CONTRACT? - THE NEW FLAMENCO REVISITED
KNOWLEDGE TO ELEVATE
This case was addressed by the club in our of January 2015, when the High Court decision became available. The background ...
Monday, 25 January 16
DRY BULK SHIPPING: A MISERABLE START TO A NEW YEAR, WHERE THE MARKET STRUGGLES TO GROW AT ALL - BIMCO
The global production of steel dropped in 2015 compared to 2014, to a larger extent outside China, as China exported its surplus of steel to destin ...
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- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Australian Coal Association
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
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