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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, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Thursday, 01 February 18
RISING US OIL EXPORTS, MARKET DISRUPTION, BRENT-WTI SPREAD - WOOD MACKENZIE
What will US tight oil growth do to crude markets? The build-up in volumes early this decade led to a supply glut that undermined prices in 2014.
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Showing 1816 to 1820 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Planning Commission, India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Economic Council, Georgia
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Trasteel International SA, Italy
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