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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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Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Planning Commission, India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Australian Coal Association
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- The University of Queensland
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
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