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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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Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
Thursday, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. ...
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Showing 1716 to 1720 news of total 6871 |
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- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- White Energy Company Limited
- The University of Queensland
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
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