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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, 28 September 17
CHINESE GOVERNMENT TO CANCEL DOMESTIC IRON ORE MINING RIGHTS - JEFFREY LANDSBERG
It has been reported that China will cancel roughly one third of its iron ore mining licenses, says Commodore Research & Consultancy in its lat ...
Tuesday, 26 September 17
REDUCING THE RISK OF LIQUEFACTION - IUMI
KNOWLEDGE TO ELEVATE
Liquefaction is a phenomenon that can take place in granular materials, such as soil or fine ore, where the beh ...
Tuesday, 26 September 17
THE CURRENT HIGHS IN THE DRY BULK FREIGHT MARKET WILL SURELY BE SURPASSED AND BY A CONSIDERABLE MARGIN IN THE NEXT YEAR OR SO - GEORGE LAZARIDIS
The Dry Bulk market con!nues to show a strong face amidst the favorable tail winds being seen, which have helped the Bal!c Dry Index inch above the ...
Monday, 25 September 17
THE FREIGHT MARKET ROSE IN ALL SEGMENTS EXCEPT PANAMAX WEEK OVER WEEK
COALspot.com: The freight market rose in all segments except Panamax week over week. Mainly Cape has supported to boosted up BDI this past week, BD ...
Monday, 25 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FOURTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million short ton ...
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Showing 1931 to 1935 news of total 6871 |
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- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- The University of Queensland
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Trasteel International SA, Italy
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