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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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Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers repo ...
Monday, 29 January 18
BALTIC INDEX GAINS ON STRONGER BIG VESSEL ACTIVITY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this past week and ending on a positive note week ov ...
Monday, 29 January 18
U.S.WEEKLY COAL OUTPUT UP 8.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.6 million short tons ...
Wednesday, 24 January 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Since the beginning of the New Year we have been witnessing the BDI correcting downwards, which nonetheless seems to have no effect at ...
Tuesday, 23 January 18
OIL MARKET ANALYSIS - ALLIED
Brent oil futures hit a three year high on January 16th touching around USD 70.30 before falling back down to around USD 68.60 at the Time of this ...
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Showing 1821 to 1825 news of total 6871 |
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- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- The University of Queensland
- Planning Commission, India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Minerals Council of Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
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