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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, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
Wednesday, 24 February 21
MARKET INSIGHT - INTERMODAL
With yields of up to 563%, the shares of Greek shipping companies listed on Wall Street are recorded. The Coronavirus pandemic has not significantl ...
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- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- The Treasury - Australian Government
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- PTC India Limited - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
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