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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, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
Tuesday, 07 November 17
MECHEL SIGNED LONG-TERM COAL SUPPLY CONTRACT WITH ITOCHU CORPORATION
Mechel PAO a leading Russian mining and metals company, reports signing a framework agreement with a major Japanese universal trading company Itoch ...
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Showing 1886 to 1890 news of total 6871 |
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- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Minerals Council of Australia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- White Energy Company Limited
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
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