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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, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
Monday, 14 November 16
KOMIPO'S SEOCHEON POWER PLANT TO IMPORT 240,000 MT OF SEMI / ANTHRACITE COAL FOR Q1'17
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 240K mt of Semi-Anthracite and Anthracite Coal f ...
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Showing 2211 to 2215 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Energy Development Corp, Philippines
- The University of Queensland
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Australian Coal Association
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
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