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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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Friday, 23 September 22
CHINA DIGS DEEP TO RAISE COAL OUTPUT TO RECORD HIGH - REUTERS
China’s coal production has surged this year as the government seeks to improve energy security by reducing dependence on imports and amassin ...
Friday, 23 September 22
EUROPEAN STEEL BUYERS SEEK DIRECTION IN VOLATILE MARKET - MEPS INTERNATIONAL
Demand for steel is slow to recover, after the summer break. Mill production costs continue to increase. Steel purchasers are uncertain about the f ...
Friday, 23 September 22
BUOYANT COAL INDUSTRY SEEKS WAYS TO STAY IN THE LONG-TERM ENERGY MIX - REUTERS
There’s no doubt that the global coal industry has been a major beneficiary of Russia’s invasion of Ukraine and the subsequent energy c ...
Friday, 23 September 22
MARKET INSIGHT - INTERMODAL
In view of the forthcoming winter, Europe is trying to escape from its energy (oil & gas) dependency from Russia to ensure energy abundance eve ...
Tuesday, 20 September 22
CHINA'S DAILY COAL OUTPUT HITS 3-MONTH LOW IN AUGUST ON RAINS, COVID CURBS - REUTERS
China’s daily coal output in August slipped to a three-month low as some mines in its biggest coal mining regions reduced operations or even ...
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- Anglo American - United Kingdom
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- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
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- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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