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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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Tuesday, 04 October 22
INDONESIAN COAL PRICE REFERENCE SURGE AGAIN TO RECORD HIGH
COALspot.com: Indonesian Coal Price Reference reached another record high in October as Russia's war in Ukraine continues to spark a surge in c ...
Sunday, 02 October 22
MISC STRENGTHENS ITS PARTNERSHIP WITH SEARIVER MARITIME
MISC Berhad (MISC) today announced that its subsidiaries Polaris LNG Three Pte. Ltd. and Polaris LNG Four Pte. Ltd. have secured long-term time cha ...
Thursday, 29 September 22
MARKET INSIGHT - INTERMODAL
This week, focus turns to the 38th APPEC Conference, where leading professionals from the global oil industry will discuss the future key drivers o ...
Thursday, 29 September 22
HIGH COAL PRICES REMAIN A CONCERN FOR DOMESTIC NON-FERROUS METAL COMPANIES - ICRA
According to ICRA on Monday, the high price of coal will have a negative effect on the profitability of domestic non-ferrous metal companies that m ...
Tuesday, 27 September 22
14% INCREASE IN EUROPEAN COAL DEMAND TO BE SHORT-TERM TREND - WOOD MACKENZIE
European seaborne thermal coal demand is projected to increase 14% or 12 million metric tonnes (Mt) this year to 98 Mt as it grapples with the curr ...
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- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Australian Coal Association
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Agrawal Coal Company - India
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