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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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Thursday, 04 January 18
SUPRAMAX: INDO TO CHINA WERE FIXED AT AROUND $8K DAILY; DOWN AROUND 27% WOW
Supramax
Q1 kicked off with an usual standby with all counterparts waiting for the market to take direction. Further holidays in East-Europe adde ...
Wednesday, 03 January 18
KOMIPO TO BUY 130K TONS OF MIN. 5700 NAR COAL FOR FEB 2018 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130k Metric Tons of min. 5700 NAR coal to be burnt a ...
Friday, 29 December 17
PORT OF NEWCASTLE SHIPPED A$ 1.527 BILLION WORTH OF 12.65 MT OF COAL IN NOVEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1527.6 M ...
Friday, 29 December 17
U.S WEEKLY COAL PRODUCTION SLIGHTLY UP FOR THE WEEK ENDING 23 DEC, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tons ...
Wednesday, 27 December 17
SULPHUR EMISSIONS: THE OUTSTANDING CHALLENGES - UK P&I CLUB
The International Maritime Organization (IMO) has been working to reduce the harmful impacts of shipping on the environment.
It adopted Annex ...
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Showing 1836 to 1840 news of total 6871 |
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- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Trasteel International SA, Italy
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
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