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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, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
Wednesday, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
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Showing 2276 to 2280 news of total 6871 |
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- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- The University of Queensland
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- PTC India Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
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