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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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Monday, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
Monday, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
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Showing 1921 to 1925 news of total 6871 |
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- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- The University of Queensland
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- CNBM International Corporation - China
- GMR Energy Limited - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- PTC India Limited - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
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