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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, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
Tuesday, 01 May 18
GLOBAL MINER PEABODY EYES SALES OPPORTUNITY IN INDIA’S RISING COAL IMPORTS - BUSINESS STANDARD
Indian imports of coal will continue to rise, reckons the world’s largest private sector coal miner Peabody Energy. Glenn Kellow, president a ...
Saturday, 28 April 18
STRONG ASIAN DEMAND CONTINUES TO HOLD UP THERMAL COAL MARKETS - REUTERS
Asian thermal coal demand is defying its typical seasonal slowdown as well as the expanding use of renewables and natural gas, with prices holding ...
Friday, 27 April 18
PEABODY ENERGY'S REVENUES FOR THE FIRST QUARTER ROSE 10 PERCENT OVER THE PRIOR YEAR TO $1.46 BILLION
Peabody Energy's revenues for the first quarter rose 10 percent over the prior year to $1.46 billion driven by improved seaborne coal pricing a ...
Thursday, 26 April 18
BALTIC EXCHANGE LAUNCHES ESCROW SERVICE FOR VESSEL SALES
The Baltic Exchange will be launching an Escrow Service for its members to hold deposits for ship sale transactions. The move will allow Baltic Exc ...
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Showing 1731 to 1735 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- PTC India Limited - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- The University of Queensland
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
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