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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, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- White Energy Company Limited
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
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