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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, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
Tuesday, 05 September 17
COAL: A STRONG MOVEMENT IN THE COAL MARKET OVER THE SUMMER MONTHS - GEORGE LAZARIDIS
We have been witnessing a strong movement in the coal market over the summer months something that has not only helped boost prices for the commodi ...
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Showing 1951 to 1955 news of total 6871 |
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- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Australian Coal Association
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
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