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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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Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
Wednesday, 12 April 17
SHIPPING MARKET INSIGHT - VASSILIS VASSILIOU
The first quarter of 2017 started relatively busy for the ship repair sector, with most of the repair facilities being nearly fully occupied till t ...
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Showing 2071 to 2075 news of total 6871 |
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- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
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