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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, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
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Showing 1681 to 1685 news of total 6871 |
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- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- The University of Queensland
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
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