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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, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
Tuesday, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
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Showing 1671 to 1675 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- White Energy Company Limited
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
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