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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, 11 September 17
A PUNCHY WEEK FOR THE BIG SHIPS AS THE RATE FOR WEST AUSTRALIA TO CHINA HIT $8.00 THE FIRST TIME IN NEARLY THREE YEARS - BALTIC EXCHANGE
Capesize
A punchy week for the big ships as the rate for West Australia/China hit $8.00 the first time in nearly three years. A Jiangsu Steamship ...
Monday, 11 September 17
INDONESIAN ICPR SURGES HIGHER, POSTS BIGGEST MONTHLY RISE SINCE DECEMBER 2016, ESDM DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 9.60% in September, government data showed.
The benchmark price of Indonesian th ...
Monday, 11 September 17
KOMIPO INVITED BIDS FOR TOTAL 6.235 MMT OF 5700 AND 5100 NAR COAL FOR 2017 TO 2022 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,590,000 Metric Tons of Bitumino ...
Monday, 11 September 17
THE FREIGHT MARKET ROSE WEEK OVER WEEK; BCI UP 22.22% & BPI UP 14.77%
COALspot.com: The freight market rose in all segments week over week. Mainly Cape and Panamax have supported to pushed up BDI this past week, BDI, ...
Friday, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
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Showing 1946 to 1950 news of total 6871 |
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- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Deloitte Consulting - India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- VISA Power Limited - India
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
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