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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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Tuesday, 26 June 18
"ALWAYS ACCESSIBLE": ARRIVAL, DEPARTURE OR BOTH? - INCE & CO
KNOWLEDGE TO ELEVATE
An “always accessible” berth warranty is often used by an owner to transfer the risk of delays in berthing to ...
Tuesday, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
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- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- VISA Power Limited - India
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
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