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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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Tuesday, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
Friday, 04 August 17
U.S. WEEKLY COAL OUTPUT UP 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
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Showing 1981 to 1985 news of total 6871 |
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- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
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