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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, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
Thursday, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
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Showing 1926 to 1930 news of total 6871 |
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- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- The University of Queensland
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
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