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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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Friday, 28 April 17
DELTA DUNIA RECORDED $24 MILLION NET PROFIT FOR FIRST QUARTER OF 2017; UP 700% Y/Y
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the first quarter of 2017 yesterday. According to the ...
Thursday, 27 April 17
PACIFIC IS SOFTENING WITH MORE TONNAGE OPENING AND LESS COAL ORDERS AROUND - FEARNLEYS
Supramax
Relatively slow week, with both basins showing signs of cooling down. Although grain cargoes out ECSA and ECCA on Ultras still delivered ...
Wednesday, 26 April 17
IRON ORE PRICES HAVE BEEN ON A ROLLERCOASTER RIDE OVER THE LAST MONTH - CHRISTOPHER WHITTY
Iron ore prices have been on a rollercoaster ride over the last month. Prices started the year on a very positive note, surging up to their highest ...
Tuesday, 25 April 17
FIONA POUNDS: VALID TENDER OF NOTICE OF READINESS
KNOWLEDGE TO ELEVATE
In the recent English High Court case of MV Arundel Castle1, the Judge ruled that a vessel, that could not immediately pr ...
Tuesday, 25 April 17
SHIPPING MARKET - ALLIED
Over the weekend we witnessed a second win over the rising populism that has become present in global politics since last summer, Allied shipping s ...
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Showing 2061 to 2065 news of total 6871 |
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- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
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