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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, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
Tuesday, 05 September 17
COAL: A STRONG MOVEMENT IN THE COAL MARKET OVER THE SUMMER MONTHS - GEORGE LAZARIDIS
We have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodi ...
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Showing 1951 to 1955 news of total 6871 |
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- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
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