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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, 07 November 16
HANDYSIZE: THE ASIAN INDICES RECORDED A GRADUAL DROP EVERY DAY - THE BALTIC BRIEFING
Capesize
A rumour-fuelled market this week but essentially rates a touch firmer and owners cautiously optimistic. The flotilla of vessels heading ...
Monday, 07 November 16
THE SUPRAMAX CHARTER RATES FOR INDONESIA TO INDIA WERE RATING AT AROUND $7500-8000 A DAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 04 November 16
U.S COAL PRODUCTION UP WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tons ...
Friday, 04 November 16
INDONESIAN INFRASTRUCTURE DEVELOPMENT TRENDS ARE UNANIMOUSLY AFFIRMED
Press Release: October 20-21, 2016 Indonesia Infrastructure Summit (IIC) opened at the Hyatt Hotel in Jakarta The theme of the meeting was "Pr ...
Thursday, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
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Showing 2226 to 2230 news of total 6871 |
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- Minerals Council of Australia
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
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