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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, 14 September 17
KOMIPO INVITED BIDS FOR 5700 NAR BITUMINOUS COAL FOR BORYEONG POWER PLANT; 390K MT FOR NOV LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 390,000 Metric Tons of Bituminous coal ...
Wednesday, 13 September 17
U.S. COAL EXPORTS FOR THE FIRST SIX MONTHS OF 2017 WERE 55% HIGHER COMPARED TO THE SAME PERIOD IN 2016 - EIA
COALspot.com: EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34% in 2016 to a ...
Wednesday, 13 September 17
SOME THOUGHTS ON NORTH KOREA, US & CHINA - THEODORE NTALAKOS
The trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea's exports end up in China; similarly, about ...
Tuesday, 12 September 17
NEWCASTLE FOB PRICES ROSE STRONGLY AND ARE NOW THREATENING TO BREAK THROUGH US$100/T - DANIEL HYNES
COALspot.com: The rise in crude oil market supported further gains in thermal coal, says Daniel Hynes Senior Commodity Strategist at ANZ.
Acco ...
Tuesday, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
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Showing 1941 to 1945 news of total 6871 |
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- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- VISA Power Limited - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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