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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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Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 02 September 16
EIA FORECASTS U.S. COAL EXPORTS TO DECLINE BY 19 MMST IN 2016 TO 55 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.3 million sho ...
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Showing 2296 to 2300 news of total 6871 |
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- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
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