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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, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- VISA Power Limited - India
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
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