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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, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
Thursday, 27 July 17
A VOLATILE WEEK IN THE CAPE MARKET - FEARNLEYS
Supramax
The black sea still performing well although bit fewer fixtures concluded/reported. Rates lie somewhere around 18 -19 on front-haul . Bo ...
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Showing 1991 to 1995 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- White Energy Company Limited
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- The University of Queensland
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
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