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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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Friday, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Australian Coal Association
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Posco Energy - South Korea
- MS Steel International - UAE
- Minerals Council of Australia
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
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