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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, 10 March 17
THE 5TH PHILIPPINES POWER AND ELECTRICITY WEEK RETURNS WITH A UNIQUE FOCUS IN 2017
5th Annual Philippines Power & Electricity
18-21 July 2017
Solaire Resort & Casino,Manila, Philippines
http://www.philippinespowe ...
Thursday, 09 March 17
INDONESIAN COAL BENCHMARK PRICE DROPPED FOR A THIRD STRAIGHT MONTH IN MARCH, GOVERNMENT DATA SHOWED
COALspot.com: Indonesian government declared coal benchmark price dropped for a fourth straight month in March, government data showed. The ...
Wednesday, 08 March 17
THE FREIGHT MARKET TODAY PROVIDES MUCH MORE CONFIDENCE COMPARED TO LAST YEAR - TIMOS PAPADIMITRIOU
So what's all the fuss about? During the past five months SnP activity has being surging exponentially in the dry bulk sector. Buyers are looki ...
Monday, 06 March 17
THE FREIGHT MARKET WAS CONTINUING TO FIRM UP THIS PAST WEEK
COALspot.com: The Freight market was continuing to firm up this past week.
The Baltic Exchange, tracking rates for ships carrying dry bulk com ...
Friday, 03 March 17
U.S. WEEKLY COAL PRODUCTION ESTIMATED AT 15.7 MMST; DECLINE 6.7% W/W - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
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