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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, 01 September 17
U.S COAL OUTPUT DIPS WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.7 million short ton ...
Thursday, 31 August 17
SUPRAMAX: INDO TO CHINA COAL TRIPS AT AROUND $9000, DELIVERY THAILAND - FEARNLEYS
Supramax
A bit slow start to the week with UK holidays on Monday. Still strong rates for cargoes out of Black Sea, where front hauls where done $ ...
Tuesday, 29 August 17
WEEKLY SHIPPING MARKET ANALYSIS - ALLIED
In the aftermath of Hurricane Harvey, one of the worst disasters to hit Texas, we are now looking to get a clearer picture of the possible disrupti ...
Tuesday, 29 August 17
U.S WEEKLY COAL OUT UP 3.4% WEEK OVER WEEK TO APPROX. 17 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 17 million short tonne ...
Thursday, 24 August 17
SUPRAMAX: LOW $10K FOR INDO COAL TRIPS TO INDIA; AROUND $10K FOR INDO TO CHINA TRIPS - FEARNLEYS
Supramax
This week Supras from the Black Sea on fhaul have seen numerous orders and improving rates.
53-57k dwt vessels have been fixed at e ...
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Showing 1956 to 1960 news of total 6871 |
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- Australian Coal Association
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Planning Commission, India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Parliament of New Zealand
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
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