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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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Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
Wednesday, 28 July 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during this first half of the year, we continue to come across surprises and new restrictions which are trembling ...
Saturday, 24 July 21
UNDERSTANDING INDIA'S LATEST PEAK POWER DEMAND RECORD - IEEFA
Ramping up solar will be crucial as peak power demand hits during the day
At around noon on 7 July 2021, India’s instantaneous ...
Wednesday, 21 July 21
MARKET INSIGHT - INTERMODAL
Dry Buk Sales and Purchase activity has heated up during 2021, reaching record high levels during the first half of the year. The increased interes ...
Monday, 19 July 21
CHINA'S COAL OUTPUT UP 6.4 PCT IN H1 - XINHUA
China’s raw coal output climbed 6.4 percent year on year to 1.95 billion tonnes in the first six months of the year, official data showed.
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- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- The University of Queensland
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
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