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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, 14 June 17
HANDYSIZES AND PANAMAXES ENJOY THE TIGHTEST SUPPLY - PANOS TSILINGIRIS
The dry and the tanker shipping segments have dissimilar exposure to supply-driven opportunity (or risk). While the vintage (i.e., over 15 years ol ...
Tuesday, 13 June 17
THE TANKER FREIGHT MARKET IS STILL UNDER PRESSURE - GEORGE LAZARIDIS
News of U.S. inventory decline has hit the market by surprise with prices of the commodity showing some quick revival as OPEC continues to push wit ...
Monday, 12 June 17
THE BALTIC DRY INDEX TOOK A POSITIVE STEP
COALspot.com: The Freight market incline this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ...
Friday, 09 June 17
U.S WEEKLY COAL OUTPUT WAS FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
Wednesday, 07 June 17
INDO HBA INDEX SEE LARGEST DROP SINCE FEBRUARY 2017
COALspot.com: Indonesian coal benchmark price decline 9.96% in June, government data showed.
The benchmark price of Indonesian thermal coal de ...
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Showing 2026 to 2030 news of total 6871 |
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- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Maheswari Brothers Coal Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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