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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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Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
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Showing 1796 to 1800 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- The University of Queensland
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Parry Sugars Refinery, India
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