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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, 07 June 17
MARKET INSIGHT - PANOS MAKRINOS
2017 undoubtedly began with very optimistic signs for the future of the Oil & Gas industry on the back of the Vienna Agreement. OPEC and non-OP ...
Tuesday, 06 June 17
THE FREIGHT MARKET WAS CONTINUE TO TUMBLE THIS PAST WEEK
COALspot.com: The Freight market continued to tumble this past week, as BDI and cape index showed a negative trend week over week.
The Baltic ...
Friday, 02 June 17
THE WORLD COAL ASSOCIATION HAS RESPONDED TO THE WITHDRAWAL OF THE UNITED STATES FROM THE PARIS AGREEMENT
“This decision is the result of a failure to build a genuine coalition on climate action that recognises the role of all technologies, includ ...
Friday, 02 June 17
MOL SIGNS COAL TRANSPORT DEAL WITH THERMAL POWERTECH CORPORATION INDIA LIMITED
MOL Signs Coal Transport Deal with Thermal Powertech Corporation India Limited - Contributing to a Stable Power Supply in India -
Jun ...
Friday, 02 June 17
U.S THE PAST WEEK'S COAL PRODUCTION ESTIMATE UP 4.4% - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15 million short tonnes ...
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Showing 2031 to 2035 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- The University of Queensland
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Planning Commission, India
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
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