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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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Thursday, 13 October 22
OPEC DOWNGRADES CRUDE OIL DEMAND, AS WORLD ECONOMY ENTERS SLOWDOWN
Crude Oil Price Movements
The OPEC Reference Basket (ORB) declined m-o-m by $6.58 in September, or 6.5%, to average $95.32/b. Pressure from equ ...
Wednesday, 12 October 22
MARKET INSIGHT - INTERMODAL
Sale and Purchase activity during the first three quarters of 2022 has been remarkable.
Focusing only on Tankers and Bulkers, such v ...
Monday, 10 October 22
ENERGY TRANSITION BOOSTS GLOBAL LONG-TERM DEMAND FOR METALS - FITCH RATINGS
The energy transition will significantly increase demand for metals used in manufacturing of electric vehicles (EVs) and renewable power generation ...
Monday, 10 October 22
GLOBAL CEOS EXPECT IMPENDING RECESSION TO BE 'SHORT AND SHARP,' POLL SHOWS - CNBC
Global CEOs are anticipating a recession in the next 12 months, according to a new survey by professional services firm KPMG, which said more than ...
Thursday, 06 October 22
AUSTRALIA’S RESOURCES REVENUE TO HIT RECORD AMID UKRAINE CONFLICT - REUTERS
Australian resources and energy export earnings are forecast to jump 7% to a record A$450 billion ($290 billion) this fiscal year, bolstered by soa ...
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- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Singapore Mercantile Exchange
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
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