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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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Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
Thursday, 24 May 18
SUPRAS FIXING AROUND USD 15000 FOR INDO TO CHINA COAL TRIPS - FEARNLEYS
Capesize
Both the physical and the paper market have dropped sharply the last couple of days on the back of a lack of fresh cargoes and a growing ...
Thursday, 24 May 18
FITCH: FALLING COAL INVESTMENT TO SUPPORT ASIAN PRICES
Press Release: The long-term outlook for the Asian thermal coal prices is improving, amid rising regional demand and falling mining investment, whi ...
Thursday, 24 May 18
BEIJING ORDERS UTILITIES, MINERS TO HELP COOL RED-HOT COAL MARKET: SOURCES - REUTERS
China’s state planner ordered utilities this week to stop stockpiling thermal coal and told miners to slash prices, two sources familiar with ...
Wednesday, 23 May 18
TANKER MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last six months we have seen more than 110 reported tanker transactions involving tonnage larger than 32k dwt and younger than 18 years old. ...
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Showing 1716 to 1720 news of total 6871 |
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Australian Coal Association
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
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