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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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Tuesday, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
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Showing 1861 to 1865 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
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