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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, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- The University of Queensland
- MS Steel International - UAE
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
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