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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, 10 April 17
THE CAPE INDEX WAS DOWN BY 16.32% WEEK OVER WEEK
COALspot.com: The Freight market was steady week over a week except for Cape. The cape index was down 16.32 percent week over week.
The Baltic ...
Friday, 07 April 17
INDONESIAN GOVERNMENT DECLARED SPOT COAL PRICES STAGE FIRST INCREASE OF THE YEAR
COALspot.com: Indonesian government declared coal benchmark price rose slightly in April, government data showed.
The benchmark price of Indon ...
Friday, 07 April 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
Thursday, 06 April 17
PANAMAX: THE MARKET HAS CONTINUED THE FIRM SENTIMENT FROM LAST WEEK IN BOTH HEMISPHERES - FEARNLEYS
Supramax
With holidays in Asia, the week has started very slow in Pacific. Some fixtures have still been done and levels have remained quite stab ...
Wednesday, 05 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
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Showing 2076 to 2080 news of total 6871 |
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- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Australian Coal Association
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- PTC India Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
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