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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, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
Tuesday, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
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Showing 1921 to 1925 news of total 6871 |
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- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- VISA Power Limited - India
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- The University of Queensland
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- MS Steel International - UAE
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
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