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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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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Showing 6 to 10 news of total 6871 |
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- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- The University of Queensland
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- White Energy Company Limited
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
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