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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, 10 May 17
MARKET INSIGHT - INTERMODAL
Up until a few weeks ago, demo deals were being concluded at just a fraction below $400/ldt. Last time we saw demo prices around that level was in ...
Tuesday, 09 May 17
DRY BULK TRADE IS STILL HEAVILY RELIANT ON CHINA - GEORGE LAZARIDIS
We have seen an overall cool down in the dry bulk and tanker markets over the final two weeks of April, sparking worries amongst ship-owners that t ...
Monday, 08 May 17
INDONESIAN COAL PRICE REFERENCE RISES FOR SECOND STRAIGHT MONTH IN MAY
COALspot.com: Indonesian government declared coal benchmark price rose in May, government data showed.
The benchmark price of Indonesian therm ...
Monday, 08 May 17
OCEAN BULK CARGO RATES FALL FURTHER THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, with all segments show a negative downward trend week over week.
The Balti ...
Monday, 08 May 17
US WEEKLY COAL OUTPUT ON THE DOWN - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
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Showing 2051 to 2055 news of total 6871 |
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- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
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