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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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Monday, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- The University of Queensland
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
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