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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Marubeni Corporation - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Australian Coal Association
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- McConnell Dowell - Australia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
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