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Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization's (IMO) 0.5 wt% sulphur cap for bunker fuels kicks in.
Fuel oil, which is high in sulphur content, has traditionally been used by the shipping industry as bunker fuel. In 2017, global demand for high-sulphur fuel oil stood at over 70% of overall bunker fuels.
With the implementation of the IMO regulation in 2020, shippers will have to consider a switch to alternative fuels, such as Ultra Low Sulphur Fuel Oil (ULSFO) or marine gas oil (MGO), or install scrubbers, a system that removes sulphur from exhaust gas emitted by bunkers.
Installing scrubbers may be an economically attractive option. Although there is an initial investment, shippers can expect a rate of return of between 20% and 50% depending on investment cost, MGO-fuel oil spread and ships' fuel consumption. However, the penetration rate for scrubbers could be limited by a number of factors, including access to finance, scrubber manufacturing capacity and dry-dock space.
Demand from the bunker fuels market will total about 5.3 million b/d in 2020, according to Wood Mackenzie forecasts.
Based on pure ULSFO refinery streams, available ULSFO volumes in 2020 will total about 1.2 million b/d. This could be boosted by further blending ULSFO with vacuum gas oil (VGO) streams, but VGO is a valuable feedstock for the production of other lighter refinery products, and may not be readily available.
It is likely that MGO will help meet additional demand from the shipping sector. Wood Mackenzie estimates that this will see MGO demand rise by over 1 million b/d in 2020 in our base case outlook. Meeting this demand will require higher crude runs with residue upgrading units, particularly in the US and China, supporting an uplift in refining margins.
It also provides refiners, particularly in the US and China, the opportunity to capture the value of their ULSFO component streams and increase their share of the global bunker market.
Some refiners should see better profit margins as incremental demand for MGO rises, pushing up its price. Higher refining runs, required to meet additional MGO demand, could potentially push global gasoline market into surplus weakening gasoline prices. This could mean that the gasoline pain for some refiners could be more acute than the impact of weaker HSFO prices. Overall, we expect a material impact on refining economics post IMO and refiners must ensure they have a robust IMO strategy in place.
We also expect a shift in bunkering locations based on compliant fuels availability. Singapore, for example, could potentially lose some of its market share for bunker fuels to China as shippers look for alternative locations with a surplus of compliant fuels. China, with ample MGO supply, is well positioned to attract shippers.
New greenfield upgrading investments from refiners are unlikely to be purely driven by IMO regulation, and there is a need to look at longer-term rationale and strategic fit of these projects. Structural shifts in the fuel oil and gasoil markets may result in better economics, but that needs to be re-evaluated. For refiners choosing not to invest, the focus should be on infrastructure to capture the opportunity from their existing configuration and internal streams.
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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Showing 11 to 15 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
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