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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, 29 November 17
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
In line with most expectations for the end of this month, during the past days the Dry Bulk market realized a significant rebound that sent the BDI ...
Tuesday, 28 November 17
THE DRY BULK MARKET HAS SHOWN A REMARKABLE RECOVERY THIS YEAR - GEORGE LAZARIDIS
The Dry Bulk market has shown a remarkable recovery this year with the average earnings having increased by around 63% this year so far compared to ...
Friday, 24 November 17
U.S. PRODUCED 14.9 MMST FOR THE WEEK ENDING NOV 18; UP 0.9% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 23 November 17
PANAMAX: ANOTHER SLOW AND UNEVENTFUL WEEK; DECREASING FREIGHT RATES IN BOTH HEMISPHERES - FEARNLEYS
Supramax
A quiet start to the week. USG closed last week a bit tighter, and continued into the new week on a positive tone with little concluded, ...
Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
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Showing 1866 to 1870 news of total 6871 |
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- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Australian Coal Association
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
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