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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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Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
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Showing 1916 to 1920 news of total 6871 |
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- Latin American Coal - Colombia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Australian Coal Association
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Minerals Council of Australia
- PTC India Limited - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
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