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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, 07 December 17
SUPRAMAX: CHINA TO INDIA FIXING AT MID US$ 8000 - FEARNLEYS
Supramax
There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/m ...
Thursday, 07 December 17
THE ROLE OF COAL - AN INCONVENIENT TRUTH - BENJAMIN SPORTON, WCA
At the climate talks in Bonn, a global alliance to phase out coal was launched. This, along with other rhetoric about developments in the energy se ...
Wednesday, 06 December 17
SHIPPING MARKET INSIGHT - VASILIS VASILEIOU
Moving towards the end of 2017, we are facing a relatively slack period of business in the ship repair sector. The repair market has already mature ...
Tuesday, 05 December 17
DOES BITCOIN HAVE A FUTURE IN SHIPPING? - ALIBRA SHIPPING
Google now receives more search requests for Bitcoin than for Kim Kardashian, Beyoncé and Taylor Swift combined. This week, a shipping compa ...
Tuesday, 05 December 17
OIL PRICES HAVE GAINED SOME TRACTION THESE PAST FEW DAYS ON TALKS OF ANOTHER OPEC & RUSSIA PRODUCTION CUT EXTENSION - GERRY LATHROP
Oil prices have gained some traction these past few days on talks of another OPEC (including non-OPEC Russia) production cut extension.
The cu ...
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Showing 1856 to 1860 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
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