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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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Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
Wednesday, 14 February 18
HISTORY REPEATING ITSELF? - IEA
This month’s OMR is abbreviated to allow time for us to complete our annual five-year outlook that will be published in our report Oil 2018 o ...
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Showing 1801 to 1805 news of total 6871 |
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- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- PTC India Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Bhatia International Limited - India
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Minerals Council of Australia
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Eastern Coal Council - USA
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