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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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Thursday, 04 May 17
SUPRAMAX: INDO COAL ROUNDS LEVELS WITH DELIVERY CHINA IS TRADING AROUND LOW $6K, TRIP BACK TO CHINA
Supramax
The short week brought weaker rates across all routes. Supras from USG to Japan were fixed around $19-20 k daily and from ECSA to ECI $1 ...
Wednesday, 03 May 17
MALAYSIA SEEMS AS BIGGEST ADARO COAL IMPORTER IN Q1' 17
COALspot.com: In 1Q17, 30% of Adaro's sales went to Indonesia, the data from unaudited consolidated financial statement shows.
Malaysia ca ...
Wednesday, 03 May 17
MARKET INSIGHT - STELIOS KOLLINTZAS
The overall performance of each sector within the edible oil markets has remained poor for the past weeks. Apart from the veg oil exports fro ...
Tuesday, 02 May 17
THE FREIGHT MARKET CONTINUE TO SLUMP THIS PAST WEEK
COALspot.com: The Freight market continues to slump this past week, as all segments except Handy Size show a negative downward trend.
The Balt ...
Friday, 28 April 17
U.S PRODUCED LESS COAL THIS PAST WEEK COMPARED TO THE PREVIOUS WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14 million short tons ( ...
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Showing 2056 to 2060 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
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