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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, 17 May 17
THE CHINESE IMPORTS ARE A BAROMETER FOR VESSEL UTILIZATION - INTERMODAL
According to economic data, China imports increased year-on-year 38% in February, 20% in March – which is approximately US$160-170b - w ...
Monday, 15 May 17
THE PORT OF NEWCASTLE HAS SHIPPED 0.99 PERCENT LESS COAL IN APRIL 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export ports has shipped $AU 1,636.2 ...
Monday, 15 May 17
THE CAPESIZE INDEX ROSE SIGNIFICANTLY THIS PAST WEEK COMPARED TO PREVIOUS WEEK
COALspot.com: The Freight market slightly up this past week, as BDI and Cape shows a positive trend week over week.
The Baltic Exchange, track ...
Friday, 12 May 17
U.S. COAL PRODUCTION DOWN AGAIN WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.3 million short tons ...
Friday, 12 May 17
SLOW AND UNEVENTFUL WEEK FOR THE PANAMAX MARKET
Supramax
In the Atlantic, only USG were showing some improvement, where pet-coke cargoes to India was fixed in the range of 19-23k daily and to C ...
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Showing 2046 to 2050 news of total 6871 |
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- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- GMR Energy Limited - India
- London Commodity Brokers - England
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