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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, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Indogreen Group - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
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