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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, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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Showing 1766 to 1770 news of total 6871 |
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- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Planning Commission, India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
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