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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, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1851 to 1855 news of total 6871 |
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- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
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