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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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Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
Tuesday, 05 June 18
THINGS STILL LOOK TO BE PROMISING FOR THE DRY BULK MARKET OVER THE NEXT COUPLE OF MONTHS - GEORGE LAZARIDIS
Just as we thought the world was calming back down to reason, worries and frictions regarding global trade resurfaced this past week after a series ...
Tuesday, 05 June 18
INDONESIAN COAL PRICE REFERENCE IS GOING UP AGAIN
COALspot.com: According to latest ministerial decree No. 1857 K/30/MEM/2018 dated 4 June 2018, the Indonesian Coal Price Reference (HBA) up 7.91 pe ...
Saturday, 02 June 18
HOW CARBON UTILISATION WILL BE A KEY STEP IN INDIA'S CLIMATE STRATEGY - BENJAMIN SPORTON
For India, energy remains the key driver of growth, not only from an economic perspective but more importantly for accelerating social development. ...
Thursday, 31 May 18
SUPRAMAX: INDO/CHINA COAL RV IS GETTING FIXED AROUND $13K DELIVERY SINGAPORE - FEARNLEYS
Capesize
The Cape market has been on a downward trend for the past week.
According to Fearnleys, Oslo based broker, Brazil market ...
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Showing 1706 to 1710 news of total 6871 |
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- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Australian Coal Association
- Energy Development Corp, Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
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