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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, 28 November 16
BALTIC DRY INDEX FALLS TO 1181 POINT, DOWN 76 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities down slightly and ending in a negative note this past wee ...
Thursday, 24 November 16
SUPRAMAX: SOUTH AFRICA STILL STRONG WITH OWNERS ACHIEVING AROUND USD 14-15K FOR TRIPS EAST - FEARNLEYS
Supramax
A positive kick-off in both the Atlantic and the Pacific. Very healthy rates within USG, some supras receiving well over 20k for trips t ...
Wednesday, 23 November 16
MARKET INSIGHT - CHRISTOPHER THOMAS WHITTY
The Organization of the Petroleum Exporting Countries (OPEC) is due to finalize a reduction in total production at its next scheduled meeting in Vi ...
Tuesday, 22 November 16
ITALY'S STEAM COAL IMPORTS EXPECTED TO DECLINE 7% Y/Y TO 15 MILLION TONS IN 2017 - ITALIAN COAL ASSOCIATION
Italy’s steam coal imports expected to decline to 15 million tons in 2017, or 7% less imports compared to 2016. The coking coal imports are e ...
Tuesday, 22 November 16
THE COMMODITIES MARKETS HAD SHOWED GREATER PROMISE SINCE THE SUMMER PERIOD - GEORGE LAZARIDIS
We have all borne witness to the sluggish pace of trade growth witnessed during the course of the past 4 years as well as the even slower pace note ...
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Showing 2201 to 2205 news of total 6871 |
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- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- SMC Global Power, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
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