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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, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
Monday, 08 March 21
MARCH 2021 INDONESIA COAL PRICE REFERENCE SETTLES LOWER
COALspot.com: The Indonesia coal price reference for March 2021 settles at US$ 84.49 per ton FOB vessel.
The Indonesia coal pr ...
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- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
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- Globalindo Alam Lestari - Indonesia
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- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- Australian Coal Association
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
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