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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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Wednesday, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- PTC India Limited - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
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