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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, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
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Showing 1826 to 1830 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
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