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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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- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Planning Commission, India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Wilmar Investment Holdings
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Australian Coal Association
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
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