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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, 15 March 18
BHEL COMMISSIONS 600 MW THERMAL POWER PLANT FOR APGENCO IN ANDHRA PRADESH
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned a 600 MW coal-based thermal power plant in the state of Andhra Pradesh.
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Thursday, 15 March 18
SUEK GROUP SECURES $1.055BN 5-YEAR SYNDICATED PRE-EXPORT FINANCE FACILITY
SUEK Group signed a $1.055bn syndicated pre-export loan agreement. The facility with five years duration is secured against the Group’s expor ...
Wednesday, 14 March 18
COAL PRICES UP SAYS MINERALS COUNCIL - IAN KIRKWOOD,THE HERALD
NSW thermal coal exports were at near-record levels last year but prices were up, the Minerals Council of NSW has said after appraising annual stat ...
Wednesday, 14 March 18
NEW COAL PRICE FORMULA DOESN'T APPLY RETROACTIVELY: OFFICIAL - THE JAKARTA GLOBE
The Energy and Mineral Resources Ministry has decided to change the implementation period of the new discounted price formula for coal sold to the ...
Wednesday, 14 March 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
Interest in second hand tonnage remains firm with buyers in the dry bulk sector looking to benefit from rising freight rates that are eventually ex ...
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Showing 1771 to 1775 news of total 6871 |
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- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- White Energy Company Limited
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- The University of Queensland
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
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