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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, 30 June 21
BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
Wednesday, 30 June 21
MARKET INSIGHT - INTERMODAL
The strong freight performance since the beginning of year has continued for the dry bulk market with earnings being at the highest level in over a ...
Monday, 28 June 21
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA THREATENS TO REVOKE 2,350 MINING BUSINESS PERMITS
The Ministry of Energy and Mineral Resources said that the revocation of mining business permits was in accordance with President Jokowi's inst ...
Sunday, 27 June 21
INDONESIA'S STATE-OWNED UTILITY PLN'S 2060 NET ZERO AMBITION NOT WITHOUT FLAWS AND GAPS - IEEFA
Indonesia on the right emissions reduction pathway but same old coal stories persist
Recent announcements by Indonesia’s state-owned uti ...
Saturday, 26 June 21
COAL PRICES HIT DECADE HIGH DESPITE EFFORTS TO WEAN THE WORLD OFF CARBON - WSJ
Rebounding electricity usage and scanty rainfall in China have added fuel to the rally
Coal prices have climbed to their highest lev ...
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- Globalindo Alam Lestari - Indonesia
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- Romanian Commodities Exchange
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- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Wood Mackenzie - Singapore
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- Pendopo Energi Batubara - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
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- Posco Energy - South Korea
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- Tata Chemicals Ltd - India
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- The State Trading Corporation of India Ltd
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- Dalmia Cement Bharat India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
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- Australian Coal Association
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- Sakthi Sugars Limited - India
- Planning Commission, India
- Indian Oil Corporation Limited
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- India Bulls Power Limited - India
- Singapore Mercantile Exchange
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- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
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- Sojitz Corporation - Japan
- Interocean Group of Companies - India
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- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Petron Corporation, Philippines
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- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
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- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
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- Power Finance Corporation Ltd., India
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- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
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- Bulk Trading Sa - Switzerland
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- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
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- Metalloyd Limited - United Kingdom
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- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
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- Marubeni Corporation - India
- Chamber of Mines of South Africa
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- White Energy Company Limited
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- OPG Power Generation Pvt Ltd - India
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- IEA Clean Coal Centre - UK
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- Heidelberg Cement - Germany
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- Ministry of Transport, Egypt
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- SMC Global Power, Philippines
- Minerals Council of Australia
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