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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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Showing 1746 to 1750 news of total 6871 |
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- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- White Energy Company Limited
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- The University of Queensland
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
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