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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, 14 November 17
COAL STOCKS RUN SHORT, CENTRE TO GET DAILY UPDATE ON STOCKS - DECCAN CHRONICLE
Facing a shortage of coal for thermal power generation in the country, the Central Electricity Authority (CEA) has issued guidelines for maintainin ...
Tuesday, 14 November 17
IN 2018, WORLD OIL DEMAND IS FORESEEN REACHING 1.51 MB/D - OPEC
Oil Market Highlights - OPEC
The OPEC Reference Basket averaged $55.50/b in October, gaining $2.06 over the previous month and reaching the hi ...
Monday, 13 November 17
THERMAL COAL PRICES WERE RELATIVELY UNCHANGED - DANIEL HYNES
Coal prices were broadly higher, driven by strong gains in the metallurgical coal market said Daniel Hynes, Senior Commodity Strategist at ANZ in h ...
Monday, 13 November 17
THIESS AWARDED $300M SANGATTA EXPANSION CONTRACT
Thiess has been awarded a $300 million contract by Kaltim Prima Coal (KPC) to expand operations at Sangatta coal mine in East Kalimantan, Indonesia ...
Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
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Showing 1881 to 1885 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Economic Council, Georgia
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- PTC India Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
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