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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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Showing 36 to 40 news of total 6871 |
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- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Australian Coal Association
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
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