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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, 07 November 17
DRY BULK SHIPPING: TAKE GOOD CARE OF THE RECOVERY SAYS PETER SAND
Demand:
Even without much support from Brazilian iron ore exports during August, capesize rates went from $10,000 to $17,000 per day. In Septembe ...
Tuesday, 07 November 17
COAL MARKETS WERE RELATIVELY BUOYANT - DANIEL HYNES
Coal markets were relatively buoyant. Metallurgical coal prices were supported by the stronger steel and iron ore prices, says Daniel Hynes, Senior ...
Tuesday, 07 November 17
PROSPERITY AND WINTER WARMTH REMAIN PARAMOUNT IN CHINA - JEFFREY LANDSBERG
Chinese officials announced recently that 580 gigawatts of coal-derived electricity generation capacity has completed ultra-low emissions reform as ...
Monday, 06 November 17
COAL SHORTAGE HURTS INDIA'S HINDALCO AND VEDANTA SAYS BUSINESS STANDARD
Aluminium smelter operations of Vedanta and Hindalco are at risk of turning unviable due to a coal crunch.
According to Business Standard an I ...
Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
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Showing 1891 to 1895 news of total 6871 |
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- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- The University of Queensland
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Australian Coal Association
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
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