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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, 24 March 17
U.S COAL PRODUCTION ESTIMATE DECLINE 4.4% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.1 million short tons ...
Thursday, 23 March 17
CAPESIZE: TAKING A BREATHER AFTER RALLYING - BUT OUTLOOK FOR WEEKS TO COME NOT SCARY - FEARNLEYS
Supramax
In the Pacific the market seems somewhat slower this week, although healthy rates still being achieved said Fearnleys in its latest week ...
Thursday, 23 March 17
KOREA MIDLAND POWER COMPANY LIMITED INVITES BIDS FOR TOTAL 4.77 MILLION TONS OF BITUMINOUS COAL FOR ITS BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 2,090,000 Metric Tons of Bituminous coal f ...
Wednesday, 22 March 17
THE DRY BULK MARKET HAS UNDOUBTEDLY REBOUNDED SINCE THE SAME PERIOD LAST YEAR - KONSTANTINOS KONTOMICHIS
The Dry Bulk market has undoubtedly rebounded since the same period last year and currently enjoys healthier freight rates. The positive reversal i ...
Tuesday, 21 March 17
DESPITE THE CHALLENGING MARKET SITUATION IN 2016 THE DELTA DUNIA MAKMUR HAS ACHIEVED A NET PROFIT OF US$37 MILLION
COALspot.com: PT Delta Dunia Makmur Tbk. has announced its financial results for the period ended December 31, 2016.
Despite challenging marke ...
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- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
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