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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, 23 August 17
THE STRONG IRON ORE TRADE ROUTES SUPPORT CAPESIZE SEGMENT - INTERMODAL
The upward trend in the Capesize segment is definitely being supported by the strong momentum in the key iron ore trade routes. The price of high-q ...
Tuesday, 22 August 17
WHAT IS A RELEASE CALL?
KNOWLEDGE TO ELEVATE
Joining a mutual P&I Club means each Member shares in the fortunes of that Club and its membership. The continuity of ...
Tuesday, 22 August 17
THOSE DOG DAYS OF SUMMER STEEL PRODUCTION IN CHINA - COMMODORE
COALspot.com: One popular but inaccurate narrative that makes the rounds every June and July (and occurred again this year) is that China’s s ...
Monday, 21 August 17
BANPU REVEALS FIRST HALF 2017 WITH STRONG RESULTS; SUPPORTED BY HIGHER COAL PRICES
Banpu Reveals First Half 2017 with Strong Results from Higher Coal Prices Gearing Up to the Era of New Energy with Banpu Greener & Smarter Stra ...
Monday, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
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Showing 1961 to 1965 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
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