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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, 01 September 16
SUPRAMAX GETTING LEVELS OF MID/HIGHER 7K DELIVERY SINGAPORE FOR TRIPS TO CHINA AND AROUND 9K FOR DIRECTION INDIA - FEARNLEYS
Supramax
This week started slower with London on bank holiday Monday. The south east Asian market seems to have been taking a breather with chart ...
Thursday, 01 September 16
AUSTRALIA'S NEWCASTLE PORT SHIPPED 2.33 PERCENT MORE COAL IN JULY
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU 1.10 bill ...
Wednesday, 31 August 16
THE DRY BULK MARKET MANAGED TO FIND FURTHER SUPPORT DURING THE LAST DAYS OF THE SUMMER SEASON - INTERMODAL
The Dry Bulk market managed to find further support during the last days of the summer season, with the BDI climbing above 700 last Friday, reachin ...
Tuesday, 30 August 16
THE SUDDEN SURGE IN IRON ORE TRADE HAS CREPT UP ON THE MARKET THIS PAST WEEK - GEORGE LAZARIDIS
The sudden surge in Iron ore trade has crept up on the market this past week bringing about a change in the prospects for Capes. Continued increase ...
Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
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Showing 2301 to 2305 news of total 6871 |
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- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Australian Coal Association
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
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