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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, 24 October 16
DRY BULK:MARKET ENDS WEEK WITH MIXED REACTIONS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities ending with mixed direction as Cape and BDI was declined ...
Thursday, 20 October 16
THE PORT OF NEWCASTLE SHIPPED 16.97 PERCENT MORE COAL IN SEPTEMBER
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1,216.7 m ...
Thursday, 20 October 16
A SUPRAMAX HAVE BEEN FIXED AT $12,500 FOR A INDIA TO BANGLADESH TRIP - FEARNLEYS
Supramax
A bit more activities with modest upturn in rates.
According to Fearnleys weekly report, US Gulf trip to Skaw-Passero has seen cons ...
Wednesday, 19 October 16
THE SHIPPING MARKET IS IN A WAIT AND SEE MODE - INTERMODAL
We are now heading towards the end of a rather volatile 2016 for the dry bulk segment. During the last 10 months there were never any clear indicat ...
Tuesday, 18 October 16
COAL PRICES KEPT CLIMBING
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
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- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- The University of Queensland
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Larsen & Toubro Limited - India
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
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