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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, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
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Showing 1871 to 1875 news of total 6871 |
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- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
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