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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 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
Wednesday, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
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Showing 1811 to 1815 news of total 6871 |
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- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Sojitz Corporation - Japan
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