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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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Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
Tuesday, 31 October 17
BALTIC DRY INDEX TAKES A BREAK FROM ITS UPWARD RALLY COURSE - GEORGE LAZARIDIS
It has been a week of corrections for the dry bulk freight market as it seems as the general Baltic Dry Index takes a break from its upward rally c ...
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Showing 1896 to 1900 news of total 6871 |
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- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Vizag Seaport Private Limited - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
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