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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, 12 June 24
CHINA ACCOUNTS FOR 16.3% OF AUSTRALIA'S COAL EXPORTS, FOLLOWED BY INDIA 14.4% - BANCHERO COSTA
Global coal trade has really picked up pace in recent months, and is now fully back to pre-Covid levels says Banchero Costa in its latest report.
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Wednesday, 12 June 24
LNG NEWBUILDING VALUES AT RECORD HIGH: 78 NEWBUILD ORDERS PLACED IN 2024, DOUBLING 2023 - VESON NAUTICAL
The number of LNG newbuilding orders have more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first ...
Monday, 10 June 24
CHINA'S MAY COAL IMPORTS RISE 11% ON LOWER DOMESTIC OUTPUT - REUTERS
China’s imports of coal rose 11% in May from a year earlier, customs data and Reuters records showed on Friday, as lower domestic output this ...
Tuesday, 04 June 24
HOW DO WESTERN SANCTIONS ON RUSSIA IMPACT THE GLOBAL METALS, MINING AND COAL MARKETS - WOOD MACKENZIE
The geopolitical landscape for Russia, as a major supplier of various commodities, has undergone a dramatic transformation since the invasion of Uk ...
Friday, 22 March 24
CASE STUDY: DANGERS OF COAL CARGO - SKULD
Recently, a bulk cargo vessel carrying coal from South Africa to Singapore suffered a fatal accident, resulting in the deaths of three crew members ...
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Showing 21 to 25 news of total 6871 |
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- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
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