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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, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
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Showing 1906 to 1910 news of total 6871 |
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- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- GMR Energy Limited - India
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- The University of Queensland
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Petron Corporation, Philippines
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
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