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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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Wednesday, 19 October 22
WHAT WILL THE GAS MARKET LOOK LIKE IN A NET ZERO WORLD? - WOOD MACKENZIE
The global gas and LNG market faces a number of ‘great unknowns’. With the market in turmoil uncertainty abounds – from the scale ...
Wednesday, 19 October 22
MARKET INSIGHT - INTERMODAL
The LNG market remains extremely tight, and as a result adding further pressure on the vessel charter market, which is already stretched due to the ...
Sunday, 16 October 22
COULD A RETURN TO SHALE EXPLORATION BE PART OF THE SOLUTION TO EUROPE'S GAS SUPPLY PROBLEM? - WOOD MACKENZIE
The European gas market is in turmoil. Russia’s invasion of Ukraine has shaken things up, triggering a complete rethink of European energy st ...
Thursday, 13 October 22
THERMAL COAL PRICES RETREAT AS WINTER SUPPLY FEARS EASE - REUTERS
The prices of key thermal seaborne coal grades are retreating amid signs that supplies will be sufficient to meet winter demand in both Europe and ...
Thursday, 13 October 22
SPOT COAL BIDDING: CHINESE FIRM WANTS REVISED MECHANISM - BUSINESS RECORDER
Chinese company M/s Huaneng Shandong Ruyi (Pakistan) Energy Limited (HSR) has cautioned National Electric Power Regulatory Authority (Nepra) that i ...
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- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Planning Commission, India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- The University of Queensland
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
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