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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, 14 September 17
KOMIPO INVITED BIDS FOR 5700 NAR BITUMINOUS COAL FOR BORYEONG POWER PLANT; 390K MT FOR NOV LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 390,000 Metric Tons of Bituminous coal ...
Wednesday, 13 September 17
U.S. COAL EXPORTS FOR THE FIRST SIX MONTHS OF 2017 WERE 55% HIGHER COMPARED TO THE SAME PERIOD IN 2016 - EIA
COALspot.com: EIA expects the share of U.S. total utility-scale electricity generation from natural gas to fall from an average of 34% in 2016 to a ...
Wednesday, 13 September 17
SOME THOUGHTS ON NORTH KOREA, US & CHINA - THEODORE NTALAKOS
The trade volume between North Korea and China is more than $5 billion per year. 83% of North Korea's exports end up in China; similarly, about ...
Tuesday, 12 September 17
NEWCASTLE FOB PRICES ROSE STRONGLY AND ARE NOW THREATENING TO BREAK THROUGH US$100/T - DANIEL HYNES
COALspot.com: The rise in crude oil market supported further gains in thermal coal, says Daniel Hynes Senior Commodity Strategist at ANZ.
Acco ...
Tuesday, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
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Showing 1941 to 1945 news of total 6871 |
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- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Energy Exchange, India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
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