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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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Showing 1746 to 1750 news of total 6871 |
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- Indonesian Coal Mining Association
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
- Minerals Council of Australia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
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