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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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Wednesday, 26 July 17
SHIPPIPNG MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
After an admittedly challenging 2016, the Dry Bulk market kicked off this year on a much more positive note, with all indices steadily increasing u ...
Monday, 24 July 17
THE FREIGHT MARKET ROSE THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI and Cape indexes show a positive trend week over week.
...
Friday, 21 July 17
ESTIMATED WEEKLY U.S. COAL PRODUCTION TOTALED APPROXIMATELY 15.3 MMST; UP 13.5% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tonn ...
Thursday, 20 July 17
SUPRAMAX: INDO COAL ROUNDS ARE TRADING AROUND MID/HIGH $11K WITH SINGAPORE DELIVERY - FEARNLEYS
Supramax
A positive week again in the Pacific with rates moving upwards.
According to Fearnleys Weekly Dry bulk report, Nopac rounds are pay ...
Wednesday, 19 July 17
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Referring back to a previous Intermodal insight that was written in the first quarter of 2017, the author at the time had claimed that MR tanker ra ...
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Showing 1996 to 2000 news of total 6871 |
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- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Wilmar Investment Holdings
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Australian Coal Association
- The University of Queensland
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
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