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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, 21 December 17
SUPRAMAX: IN THE MOST CHANCE, DO NOT EXPECT ANY DRAMATIC CHANGES IN THE NEAR FUTURE - FEARNLEYS
Supramax
Market reducing speed. Rates are dropping further for supras outbound USG on fronth, bkhaul is more stable i.e $25k/22k respectively say ...
Wednesday, 20 December 17
INDONESIAN HBA FELL FOR THE FIRST TIME IN SIX MONTHS, GOVERNMENT DATA SHOWS
COALspot.com: HBA fell 0.80 per cent in December, marking the first fall for the Indonesian Coal Price Reference ( HBA) since June 2017, the latest ...
Monday, 18 December 17
U.S. COAL EXPORTS FOR THE FIRST THREE QUARTERS OF 2017 WERE 69 MMST; UP 68% M/M - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million sho ...
Thursday, 14 December 17
SUPRAMAX: INDO COAL TO CHINA AROUND LOW $10K DELIVERY SINGAPORE
Supramax
Atlantic basin kept its firm pace with charters still busy with covering pre-holiday requirements. Ultras got close to $20k for ordinary ...
Wednesday, 13 December 17
REFINED COAL HAS MADE UP NEARLY ONE-FIFTH OF COAL-FIRED POWER GENERATION SO FAR IN 2017 - EIA
The U.S. power sector consumption of coal is increasingly shifting to refined coal, even as coal-fired electricity generation decreases. Use of ref ...
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Showing 1846 to 1850 news of total 6871 |
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- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- The University of Queensland
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
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