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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, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- VISA Power Limited - India
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- The University of Queensland
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
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