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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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Friday, 09 March 18
U.S. EXPORTED 97 MMST OF COAL IN 2017, A 61 PER CENT INCREASE FROM 2016 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.1 million short tons ...
Thursday, 08 March 18
BUMA SIGNED OVER US$ 500 MILLION WORTH OF NEW CONTRACT WITH PT TANAH BUMBU RESOURCES
PT Delta Dunia Makmur Tbk., announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into mining services ...
Thursday, 08 March 18
THE ENERGY CONTRIBUTION FROM COAL-BASED POWER PLANTS IS LIKELY TO INCREASE TO 1072 BU BY 2021-22 : PIB
Government of India has set an ambitious target of 175 GW from Renewable energy sources (RES) by 2022, which comprises of 100 GW Solar, 60GW from W ...
Thursday, 08 March 18
SUPRAMAX: THE MARKET IS STILL GOING STRONG IN THE PACIFIC - FEARNLEYS
Supramax
The market is still going strong in the Pacific, with Ultra fixing high US$ 13000+375000 bb for South Africa to ECI while nickel ore run ...
Thursday, 08 March 18
AVERAGE U.S. COAL MINING PRODUCTIVITY INCREASES AS PRODUCTION FALLS - EIA
Coal mining productivity in the United States increased 26% over the past five years, reaching 6.8 tons per miner hour in 2017, up from 5.4 tons pe ...
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- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
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