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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, 20 September 17
SHIPPING MARKET INSIGHT - INTERMODAL
An undoubtedly interesting market lately is the newbuilding market, in which we are witnessing numerous orders across all sectors and sizes. At the ...
Monday, 18 September 17
COAL PRICES WERE RELATIVELY UNCHANGED WEEK OVER WEEK - ANZ
COALspot.com: Coal prices were relatively unchanged, with most interest remaining in the thermal coal market said Daniel Hynes. However, falling st ...
Monday, 18 September 17
PROSPECTS ARE NOT SO CLEAR CUT FOR COAL - CLARKSONS
Prospects are not so clear-cut for coal. According to Clarksons, coal has been a key energy source since the Industrial Revolution and in 2016, ste ...
Friday, 15 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE THIRD WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
Thursday, 14 September 17
THE FIRM COAL TRADE IS SUPPORTING SUPRAS; FIXING AROUND LOW $13000 WITH DELIVERY THAILAND - FEARNLEYS
Supramax
This week has brought Supras firm rates and numerous orders. Scrap orders from Cont to Med still pay $11000 and Fertilizer from Baltic t ...
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Showing 1936 to 1940 news of total 6871 |
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- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Sojitz Corporation - Japan
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
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