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Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization's (IMO) 0.5 wt% sulphur cap for bunker fuels kicks in.
Fuel oil, which is high in sulphur content, has traditionally been used by the shipping industry as bunker fuel. In 2017, global demand for high-sulphur fuel oil stood at over 70% of overall bunker fuels.
With the implementation of the IMO regulation in 2020, shippers will have to consider a switch to alternative fuels, such as Ultra Low Sulphur Fuel Oil (ULSFO) or marine gas oil (MGO), or install scrubbers, a system that removes sulphur from exhaust gas emitted by bunkers.
Installing scrubbers may be an economically attractive option. Although there is an initial investment, shippers can expect a rate of return of between 20% and 50% depending on investment cost, MGO-fuel oil spread and ships' fuel consumption. However, the penetration rate for scrubbers could be limited by a number of factors, including access to finance, scrubber manufacturing capacity and dry-dock space.
Demand from the bunker fuels market will total about 5.3 million b/d in 2020, according to Wood Mackenzie forecasts.
Based on pure ULSFO refinery streams, available ULSFO volumes in 2020 will total about 1.2 million b/d. This could be boosted by further blending ULSFO with vacuum gas oil (VGO) streams, but VGO is a valuable feedstock for the production of other lighter refinery products, and may not be readily available.
It is likely that MGO will help meet additional demand from the shipping sector. Wood Mackenzie estimates that this will see MGO demand rise by over 1 million b/d in 2020 in our base case outlook. Meeting this demand will require higher crude runs with residue upgrading units, particularly in the US and China, supporting an uplift in refining margins.
It also provides refiners, particularly in the US and China, the opportunity to capture the value of their ULSFO component streams and increase their share of the global bunker market.
Some refiners should see better profit margins as incremental demand for MGO rises, pushing up its price. Higher refining runs, required to meet additional MGO demand, could potentially push global gasoline market into surplus weakening gasoline prices. This could mean that the gasoline pain for some refiners could be more acute than the impact of weaker HSFO prices. Overall, we expect a material impact on refining economics post IMO and refiners must ensure they have a robust IMO strategy in place.
We also expect a shift in bunkering locations based on compliant fuels availability. Singapore, for example, could potentially lose some of its market share for bunker fuels to China as shippers look for alternative locations with a surplus of compliant fuels. China, with ample MGO supply, is well positioned to attract shippers.
New greenfield upgrading investments from refiners are unlikely to be purely driven by IMO regulation, and there is a need to look at longer-term rationale and strategic fit of these projects. Structural shifts in the fuel oil and gasoil markets may result in better economics, but that needs to be re-evaluated. For refiners choosing not to invest, the focus should be on infrastructure to capture the opportunity from their existing configuration and internal streams.
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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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Showing 51 to 55 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- White Energy Company Limited
- MS Steel International - UAE
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