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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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Showing 16 to 20 news of total 6871 |
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- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- The University of Queensland
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
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