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Tuesday, 23 March 21
SCRUBBER-FITTED SHIPS NEARLY DOUBLE AS FUEL SPREAD SETTLES AT $118 PER MT - PETER SAND
 As the lion’s share of the world fleet replaced high-sulphur fuel oil (HSFO) with low-sulphur fuel oil (LFSO) as a mean of propulsion to be compliant with the IMO 2020 global sulphur cap which came into force on 1 January 2020, overall bunker sales rose in the world’s by far largest bunkering hub: Singapore.
Total bunker sale volumes grew by 5% in 2020 and have continued to climb in the first two months of 2021 (+2.7% y/y). An indication of the shipping industry’s ability to deliver all the way through the pandemic. One quarter of total bunker sales in February 2021 was HSFO, a share that has only risen since January 2020, when no more than 17% of sales were fuel oil for ships with a scrubber installed.
The USD 118 per MT difference
From the get-go, the debate was all about the bunker price spread and therefore the choice between HSFO and investing in a scrubber or using LSFO to comply with the new sulphur regulation. As 2021 arrived and the crazy 2020 was nearing an end, the next normal seemed to be in the making.
“The lowest price spread can be found on the US west coast while the largest spread can be found in the Middle East. In between, you have USD 118 per MT as the most common spread. That’s the price spread you will find in Singapore,” says Peter Sand, BIMCO’s Chief Shipping Analyst.
Prior to the implementation of the sulphur regulation, the then-watched MGO-HSFO spread hovered around USD 200 per MT, but it was clear that a new and lower spread would settle one point. As the ‘new standard’ LSFO is now established, the pricing of the product also seems to have arrived at the next normal.
Who cares about the price spread? Scrubber owners do!
Soon, 15 months have passed since the implementation date for the IMO global sulphur cap. During that time, the number of scrubbers installed on the world fleet has nearly doubled. From 2,011 ships on 1 January 2020 to 3,935 by 1 March 2021.
Among the main shipping sectors, 15.9% of all containerships (28.7% in TEU), 11.4% of all dry bulkers (22.7% in DWT), 24.5% of all crude oil tankers (29.9% in DWT) and 4.2% of all oil product tankers (13.4% in DWT) are now fitted with a scrubber to remove the sulphureous oxides from the exhaust gasses.
“There is a clear tendency that it is the large ships that burn most bunkers which have been preferred for scrubber installations. But it goes for all: as voyage costs are lowered, earnings are higher,” Sand says, adding:
“As the bunker price spread now seems to have found a steady level slightly above USD 100 per MT, ship owners and investors are increasingly likely to order new ships with a scrubber preinstalled today, when compared to the sub-100 dollar spread of last year.”
Source: BIMCO, Peter Sand, Chief Shipping Analyst
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Friday, 27 August 21
THE ECONOMICS OF INDONESIA’S DIESEL POWER PLANT TO GAS CONVERSION PLAN ARE PROBLEMATIC - IEEFA
Deploying new small-scale LNG is an uphill battle for PGN
Indonesian gas is currently in a precarious position, where the government needs to ...
Thursday, 26 August 21
INDIA IMPORTED 17.06 MLN TONNES OF LPG IN 2020; UP 11.5% Y-O-Y
Global LPG trade remained fairly positive in 2020, despite the global economic impact from COVID-19, and surged strongly in the first half of 2021. ...
Thursday, 26 August 21
MARKET INSIGHT - INTERMODAL
24th of August 2021, the Baltic Dry Index reached 4,201, a YTD high and the highest since May 2010.
Cape 5TC daily average @ 51,472
...
Tuesday, 24 August 21
COAL PRICE RALLY TO PRESSURE CHINESE POWER GENCOS’ MARGINS FITCH RATINGS
Fitch Ratings expects the pressure on Chinese power generation companies’ (gencos) profit from the recent coal price surge to weaken their cr ...
Tuesday, 24 August 21
TIGHT POWER SUPPLY IN CHINA AMID STRONG DEMAND, HIGH COAL PRICES - FITCH RATINGS
China experienced tight power supply in 1H21 on stronger than expected power demand as economic activity continued to recover, Fitch Ratings says i ...
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- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
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- Dalmia Cement Bharat India
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- Australian Commodity Traders Exchange
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
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- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
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- Bharathi Cement Corporation - India
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- India Bulls Power Limited - India
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- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Minerals Council of Australia
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- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
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- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
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- Bangladesh Power Developement Board
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- GN Power Mariveles Coal Plant, Philippines
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- Kohat Cement Company Ltd. - Pakistan
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- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Planning Commission, India
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- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- The University of Queensland
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- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
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- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
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- Australian Coal Association
- Sree Jayajothi Cements Limited - India
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- Straits Asia Resources Limited - Singapore
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- Kaltim Prima Coal - Indonesia
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- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
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- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
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- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
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- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
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- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
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- The Treasury - Australian Government
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- White Energy Company Limited
- Indogreen Group - Indonesia
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- Electricity Authority, New Zealand
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- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
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- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- PTC India Limited - India
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- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
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- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
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- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
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- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
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