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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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Monday, 12 March 18
DRY BULK MARKET: CAPESIZE MARKET FINDS ITS FOOTING - BALTIC BRIEFING
Capesize
Some relief for owners as the week closed out with the market finding a floor in the East. Rates on the key West Australia/China run loo ...
Monday, 12 March 18
COAL OUTPUT FROM PRIVATE MINERS UNLIKELY TO RISE IN MEDIUM TERM: ICRA
Coal output levels from private commercial miners are unlikely to go up considerably in the medium to short term, given the issues related to land ...
Saturday, 10 March 18
ENHANCED PRODUCTION BY COAL INDIA HELPS DECLINE IN COAL IMPORTS
As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choi ...
Saturday, 10 March 18
THE 'RENOS' - COURT OF APPEAL CLARIFIES CTL CALCULATION AND RIGHT OF ABANDONMENT - CLYDE & CO
KNOWLEDGE TO ELEVATE
In the matter of the “RENOS”, Mr Justice Knowles addressed a number of issues, at first instance, regarding t ...
Friday, 09 March 18
THE WORLD CANNOT KEEP IGNORING THE ASIAN COAL STORY - BENJAMIN SPORTON
There were significant changes in the global energy system in 2017, including the growth in electric vehicles, the rise of renewables and the conti ...
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Showing 1776 to 1780 news of total 6871 |
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- Central Electricity Authority - India
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Australian Coal Association
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
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