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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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Friday, 27 October 17
U.S WEEKLY COAL PRODUCTION FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.9 million short tons ...
Thursday, 26 October 17
CYBER COVER FOR E-BILLS - PHILIP STEPHENSON
KNOWLEDGE TO ELEVATE
Increasingly popular electronic bills of lading are, by their nature, susceptible to the risk of cyber attack. Here, Stan ...
Thursday, 26 October 17
INDO TO CHINA ROUNDS SUPRAS ACHIEVING AROUND HIGH $14000 - FEARNLEYS
Supramax
By mid-week the market has been relatively quiet in the Pacific basin as well, but still some healthy rates being achieved on the differ ...
Thursday, 26 October 17
STRONG SIGNAL FOR AUSTRALIAN COAL DEMAND - GREG EVANS
The International Energy Agency’s Southeast Asia Energy Outlook report, released today, presents a positive outlook for Australian coal produ ...
Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
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Showing 1901 to 1905 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
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