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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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- Independent Power Producers Association of India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
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