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Monday, 25 September 17
CHOICES FOR SHIPPING AS 2020 APPROACHES? - CLARKSONS
 Historically, the fuel of choice for the vast majority of large cargo ships has been heavy fuel oil. But in 2020, sulphur oxide emissions will be capped to 0.5% by IMO convention, ruling out current standard grades of HFO. Both fuel consumers in the shipping industry and producers in the refining industry have now had a little time to consider the potential options to deal with the imminent regulatory change…
SOx Appeal
Nearly a year on from the confirmation that the IMO would proceed with the 2020 global sulphur cap, there is still little certainty as to how shipping market players will react. There are options: either the demand side reacts, and owners fit SOx scrubbers, or investigate alternative fuels, or the supply side (i.e. the refining industry) finds a way to supply low sulphur compliant fuels.
So far, there appears limited take-up of scrubbers by owners (232 vessels recorded). Capex estimates for retrofits range from $1-8m, and until January 2020, such costs represent expenditure with no economic benefits outside ECAs. Similarly, potential LNG fuel retrofits may be complex, expensive and limit refuelling options. Only 369 ships are recorded as LNG fuel capable, 70% of which are LNG carriers; another 263 are on order.
Refining Marine Fuel Demand
Refining Marine Fuel Demand
Most bunkers (circa 80%) are heavy fuel oil. Roughly 5m bpd, or 45% of world fuel oil output, ends up as marine bunkers. In general, refineries are designed to produce as little fuel oil as possible, and may use cracking/coking units to achieve this. But much of what is produced ends up as bunkers: shipping consumes a lot of the least-valued fraction (for example, a 14,000 TEU containership, spending 70% of its time at sea at 18 knots, might burn more than 23,000t of HFO per annum).
The choice for ECAs has been gasoil (MGO) to achieve 0.1% sulphur, and 5% of gas oil production ends up as bunkers. However, gas oil, kerosene and gasoline are priced higher because they have uses as land/air transportation fuels. It is unlikely that come 2020, there would be sufficient volumes available of gasoil to fuel the global shipping industry. At a time of weak prices, oil companies are cutting both up and downstream capex, and appear to have little incentive to build new infrastructure to desulphurise fuel oil. Even if new refinery investment was made, refiners would be likely to prioritise additional gasoline production.
Distilling The Issue Down
So, it seems unlikely that there will suddenly be large amounts of new 0.1% LSFO produced by refineries, nor enough distillates available for ships to run on MGO. Diverting additional gasoil to shipping would imply the payment of similar prices as onshore uses. Hence, the most likely outcome is that low sulphur compliant fuels will be achieved by blending a partial amount of gas oil into HFO, to reduce it below 0.5% sulphur content.
So, it is still not fully clear what the state of play will be in 2020. For both bunker suppliers and owners, investment with over two years to go may be hard to justify, but an unprepared industry in 2020 might be exposed to price spikes. It may well be that a mixture of solutions initially prevails, at least until a consensus emerges over the most economic solution. Have a nice day.
Source: Clarksons
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Wednesday, 22 November 17
THERMAL COAL WAS FLAT AMID CONCERNS OF FURTHER GOVERNMENT INTERVENTION IN CHINA, SAYS DANIEL HYNES
Coal prices were mixed. Thermal coal was flat amid concerns of further government intervention in China, said Daniel Hynes Senior Commodity Strateg ...
Wednesday, 22 November 17
CHINA CONSUMES MORE THAN TWO-THIRDS OF THE GLOBAL SEABORNE IRON ORE MARKET; PRODUCES AS MUCH STEEL AS THE REST OF THE WORLD COMBINED - CHRISTOPHER T. WHITTY
China consumes more than two-thirds of the global seaborne iron ore market and at the same time produces as much steel as the rest of the world com ...
Monday, 20 November 17
INDONESIAN COAL BENCHMARK PRICE SURGES 0.86% TO $94.80 A TON, GOVERNMENT DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 0.86% in November compared to declared price in October, the latest ministerial decree showed. ...
Friday, 17 November 17
U.S. PRODUCED 678.8 MMST OF COAL YEAR TO DATE; 9% UP Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.8 million short ton ...
Thursday, 16 November 17
PANAMAX ACTIVITIES HAVE SLOWED DOWN QUITE SUBSTANTIALLY THE LAST WEEK - FEARNLEYS
Supramax
Another week with rates easing over all the Supra routes within Atlantic.
Front hauls from USG got payed around 21-22k daily and ul ...
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Showing 1871 to 1875 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- White Energy Company Limited
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
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