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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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Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
Wednesday, 21 June 17
MARKET INSIGHT - SHIPPING
Looking back at March and April shipping reports when the dry bulk indexes were starting to move up, a number of shipping analysts were stating tha ...
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Showing 2016 to 2020 news of total 6871 |
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- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- PTC India Limited - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Savvy Resources Ltd - HongKong
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
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