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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, 31 October 22
U.S. COAL-FIRED GENERATION DECLINING AFTER BRIEF RISE LAST YEAR - EIA
We expect 6% less U.S. coal-fired generation in 2022 than in 2021, according to our latest Short-Term Energy Outlook (STEO). Although coal-fired ge ...
Monday, 31 October 22
CHINA COAL OUTPUT UP 12.3 PCT IN SEPTEMBER - XINHUA
China’s raw coal output posted stable expansion in September, official data showed.
The country produced 390 million tonnes of ...
Wednesday, 26 October 22
BIMCO PUBLISHES UPDATED GENCON CONTRACT
BIMCO has published a revised and updated version GENCON 2022 – one of its flagship contracts within its portfolio of standard contracts for ...
Monday, 24 October 22
KOSPO TO INVITE 400,000 MT OF COAL FOR 3 YEARS
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an international tender for 400,000 MT of 3,800 - 4,400kcal/kg NCV and Sulfur Max 0 ...
Wednesday, 19 October 22
ASIA COULD BE A BRIGHT SPOT AMID GLOBAL DOWNTURN NEXT YEAR, ECONOMISTS SAY - CNBC
Asia — especially Southeast Asia — remains a bright spot, even as the global economy looks set to head into recession next year, econom ...
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- Leighton Contractors Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
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- Eastern Energy - Thailand
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- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
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- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
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- Essar Steel Hazira Ltd - India
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- Central Java Power - Indonesia
- Latin American Coal - Colombia
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- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
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- TeaM Sual Corporation - Philippines
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- Thai Mozambique Logistica
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- White Energy Company Limited
- Eastern Coal Council - USA
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- Larsen & Toubro Limited - India
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- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
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- London Commodity Brokers - England
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
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- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Chamber of Mines of South Africa
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
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- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
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- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
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- Africa Commodities Group - South Africa
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- CNBM International Corporation - China
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- Directorate General of MIneral and Coal - Indonesia
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- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
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- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Central Electricity Authority - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
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