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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, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
Tuesday, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
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Showing 1706 to 1710 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- PTC India Limited - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
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