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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- The University of Queensland
- Parliament of New Zealand
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- VISA Power Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- White Energy Company Limited
- Indian Energy Exchange, India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
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