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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, 06 March 21
AUSTRALIAN COAL: SOME WEAKNESS COULD MATERIALIZE AFTER THE WINTER - ING
Newcastle coal prices remain well supported for now, however as we move out of the winter months we would expect prices to come under pressure. Mea ...
Saturday, 06 March 21
ASIA SEABORNE COAL PRICES START TO RETREAT, CHINA-AUSTRALIA DISPUTE LINGERS - REUTERS
There are signs that the price and demand surge for coal during the recent colder-than-expected winter across North Asia is starting to ease, even ...
Thursday, 04 March 21
HEAD OF JBIC SAYS THE JAPANESE BANK WILL NOT FUND NEW COAL PLANT DEVELOPMENT - NHK NEWS
The governor of the Japan Bank for International Cooperation has said that the government-owned financial institution will stop funding new coal-fi ...
Wednesday, 03 March 21
MARKET INSIGHT - INTERMODAL
Following the recent rally to multi year highs of metal-based commodities, amid an unprecedented global economic stimulus, discussions of an emergi ...
Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
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- Romanian Commodities Exchange
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- Parliament of New Zealand
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- Chamber of Mines of South Africa
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- Heidelberg Cement - Germany
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- The University of Queensland
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- Economic Council, Georgia
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- Meenaskhi Energy Private Limited - India
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- Trasteel International SA, Italy
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- Global Business Power Corporation, Philippines
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- Singapore Mercantile Exchange
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- Ministry of Transport, Egypt
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- IEA Clean Coal Centre - UK
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- Jorong Barutama Greston.PT - Indonesia
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- White Energy Company Limited
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- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
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- Minerals Council of Australia
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- AsiaOL BioFuels Corp., Philippines
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- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
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- Wood Mackenzie - Singapore
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- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
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- GVK Power & Infra Limited - India
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- London Commodity Brokers - England
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- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
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- Energy Link Ltd, New Zealand
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- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
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- Independent Power Producers Association of India
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