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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, 30 March 17
PANAMAX : ACTIVITY IN THE PANAMAX MARKET HAS INCREASED SUBSTANTIALLY IN BOTH HEMISPHERES - FEARNLEYS
Supramax
This week we were looking at prolonged activity from ECSA, mostly with grain cargoes to Far East and SE Asia, where Ultras to SE Asia fi ...
Thursday, 30 March 17
THE ROLE OF COAL IN THE ENERGY SUPPLY OF THE EU-28: HANS-WILHELM SCHIFFER
The European Union (EU-28) is one of the largest economies in the world, with a gross domestic product (GDP) of €14,635 billion in 2015. It ha ...
Wednesday, 29 March 17
MARKET INSIGHT - NASOS SOULAKIS
Shipowners will always look for market signals in order to gauge market perception and decide upon which strategy to follow next. And while owners ...
Monday, 27 March 17
THE FREIGHT MARKET CONTINUED TO FIRM WEEK OVER WEEK
COALspot.com: The Freight market was continuing to firming up.
The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ros ...
Friday, 24 March 17
ADARO INDONESIA'S COAL SALES VOLUME INCREASED SLIGHTLY TO 54.1 MILLION TONES IN 2016
COALspot.com: PT. Adaro Indonesia, Indonesia’s second largest coal miner’s sales volume increased slightly to 54.1 million tones (Mt) i ...
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Showing 2086 to 2090 news of total 6871 |
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- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- MS Steel International - UAE
- Anglo American - United Kingdom
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Mercator Lines Limited - India
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