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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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Friday, 10 November 17
U.S. COAL OUTPUT FOR THE FIRST 10 MONTHS OF 2017 IS ESTIMATED AT AROUND 656 MMST; UP10% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15 million short tons ...
Wednesday, 08 November 17
COAL MARKETS WERE MIXED; COKING COAL EKING OUT SOME GAINS; THERMAL COAL STRUGGLING - DANIEL HYNES
Coal markets were mixed, with coking coal eking out some gains, while thermal coal struggled amid the falling oil prices, ANZ Strategist said in a ...
Wednesday, 08 November 17
WEEKLY SHIPPING MARKET INSIGHT
If you are a dry bulk owner today you are definitely feeling the pressure of the past couple of years off and given the admittedly unexpected growt ...
Wednesday, 08 November 17
NEW QUAY OPENED AT THE INDUSTRIAL PORT IN BREMEN,GERMAN
Press Release: After a building period lasting three-and-a-half years, the port logistics firm Weserport, the “bremenports” comp ...
Tuesday, 07 November 17
ING JOINS FORCES ON BLOCKCHAIN-BASED PLATFORM FOR ENERGY COMMODITIES SECTOR
Blockchain technology. It’s often been described as the most important invention in computing in a generation.
So it should come as no s ...
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Showing 1886 to 1890 news of total 6871 |
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- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
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