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