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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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Friday, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
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Showing 1956 to 1960 news of total 6871 |
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- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Indian Energy Exchange, India
- The University of Queensland
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
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