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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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Thursday, 16 November 17
KOMIPO INVITED BIDS FOR 3.9 MILLION TONS OF 5700 NAR AND 5400 NAR COAL FOR 2018 - 2020 DELIVERY
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 3,900,000 Metric Tons of min. 570 ...
Thursday, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
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Showing 1876 to 1880 news of total 6871 |
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- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Economic Council, Georgia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- The University of Queensland
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
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