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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, 21 August 17
FIRM DEMAND FOR CAPES CONTINUE TO SUPPORT DRY BULK SHIPPING
COALspot.com: The freight market was continued to rose this past week compared to the previous weeks, as BDI, Cape and Panamax indexes show a posit ...
Friday, 18 August 17
U.S. WEEKLY COAL OUTPUT UP 2.1% WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 17 August 17
DESPITE A HOLIDAY-DISRUPTED WEEK IT HAS BEEN A NEW ACTIVE WEEK FOR THE PANAMAXES - FEARNLEYS
Supramax
A very quiet start to the week with holidays in several countries. USG still bringing good results supported by a tight tonnage availabl ...
Monday, 14 August 17
CENTURIES ON, AND DRY BULK STILL RULES THE WAVES... - SARAH HOLDEN | CLARKSONS
By the late 1800s, the shipping industry had been transformed by the introduction of steam power and iron ships. Coal and grain were two of the mos ...
Monday, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
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Showing 1966 to 1970 news of total 6871 |
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- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- The University of Queensland
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Interocean Group of Companies - India
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