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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, 20 September 22
CHINA COAL OUTPUT UP 8.1 PCT IN AUGUST - XINHUA
China’s raw coal output posted stable expansion in August, official data showed.
The country produced 370 million tonnes of ra ...
Monday, 19 September 22
BUMA AUSTRALIA AWARDED A$400 MILLION CONTRACT EXTENSION BY BMA FOR GOONYELLA PROJECT
Press Release – PT Delta Dunia Makmur Tbk. (the "Company") announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA ...
Saturday, 17 September 22
CHINA WARNS COAL COMPANIES AGAINST DUAL CONTRACTS, KEEP PRICES STABLE - REUTERS
China’s state economic planner warned coal companies operating at ports in the Bohai Bay region to comply with their long-term contracts to k ...
Saturday, 17 September 22
IS A GLOBAL RECESSION IMMINENT? - WORLD BANK
Since the beginning of the year, a rapid deterioration of growth prospects coupled with rising inflation and tightening financing conditions, has i ...
Saturday, 17 September 22
FITCH RATINGS REVISES GLOBAL METALS & MINING PRICE ASSUMPTIONS
Fitch Ratings has revised its metals and mining price assumptions reflecting evolving economic growth expectations and demand and supply dynamics.
...
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- Borneo Indobara - Indonesia
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- Electricity Authority, New Zealand
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- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
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- The Treasury - Australian Government
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- Minerals Council of Australia
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- Goldman Sachs - Singapore
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- Posco Energy - South Korea
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Australian Coal Association
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- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
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- Bulk Trading Sa - Switzerland
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- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
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- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
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- PowerSource Philippines DevCo
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- European Bulk Services B.V. - Netherlands
- Planning Commission, India
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- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
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- Parliament of New Zealand
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- Economic Council, Georgia
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- Medco Energi Mining Internasional
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- McConnell Dowell - Australia
- SMC Global Power, Philippines
- White Energy Company Limited
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- Larsen & Toubro Limited - India
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- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
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- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
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- Baramulti Group, Indonesia
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- The University of Queensland
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- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
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- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
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- Romanian Commodities Exchange
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- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
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