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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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Saturday, 26 June 21
KOSPO INVITED BIDS FOR 480,000 MT OF COAL PER ANNUM
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for total 480,000 MT of NCV 1 Min. 5,600 (Spec 1) /Min. 5,0 ...
Thursday, 24 June 21
FEBRUARY'S INCREASE IN COAL-FIRED ELECTRIC GENERATION REDUCED U.S. COAL STOCKPILES - EIA
Coal stockpiles at U.S. power plants decreased significantly from December 2020 to February 2021, including a draw of nearly 16 million tons in Feb ...
Wednesday, 23 June 21
MARKET INSIGHT - INTERMODAL
The first half of 2021 has brought a very sharp and continued recovery in the dry bulk market and while many where expecting a relatively strong ma ...
Thursday, 17 June 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR GLOBAL SEABORNE COAL TRADE; CHINA'S COAL IMPORTS - 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 ...
Thursday, 17 June 21
FITCH RATINGS RAISES SHORT-TERM OIL AND GAS PRICE ASSUMPTIONS
Fitch Ratings has increased its 2021 and 2022 oil price assumptions for the Brent and West Texas Intermediate (WTI) benchmarks due to stronger year ...
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- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
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- SMG Consultants - Indonesia
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- Romanian Commodities Exchange
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- Global Business Power Corporation, Philippines
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- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
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- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
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- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
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- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
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- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
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- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- White Energy Company Limited
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
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- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
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- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
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- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
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- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
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- Wilmar Investment Holdings
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- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
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- Star Paper Mills Limited - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
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- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Planning Commission, India
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- The University of Queensland
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
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