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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, 12 July 17
COAL HAS CONTINUED A STELLAR RUN OVER THE PAST YEAR GAINING ~10% OVER THE PAST QUARTER AND ~41% OVER THE PAST YEAR - LINOS KOGEVINAS
Having just passed the second quarter of 2017, it is interesting to take a look at the performance of the commodity market and how certain commodit ...
Monday, 10 July 17
A ROLLERCOASTER YEAR FOR COAL PRICES; ICPR ROSE 4.62% M/M
COALspot.com: Indonesian coal benchmark price rose 4.62% in July, government data showed.
The benchmark price of Indonesian thermal c ...
Monday, 10 July 17
THE FREIGHT MARKET WAS SHOWS A NEGATIVE TREND WEEK OVER WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Cape indexes show a negative trend week over week ...
Friday, 07 July 17
SHOULD WE BE AVOIDING GENERAL AVERAGE? - ALEX KEMP
KNOWLEDGE TO ELEVATE
Calls for general average to be abolished are nearly as old as the regime itself. A representative of Lloyd’s atten ...
Friday, 07 July 17
EIA ESTIMATES SHOW U.S WEEKLY COAL PRODUCTION UP 1.7 PERCENT
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.9 million short tonn ...
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Showing 2006 to 2010 news of total 6871 |
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- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- PTC India Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
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