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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, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
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Showing 1911 to 1915 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Bhushan Steel Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
- Aditya Birla Group - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Minerals Council of Australia
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- The University of Queensland
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- GMR Energy Limited - India
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