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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Star Paper Mills Limited - India
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- LBH Netherlands Bv - Netherlands
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- McConnell Dowell - Australia
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- Attock Cement Pakistan Limited
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- London Commodity Brokers - England
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- Power Finance Corporation Ltd., India
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- The University of Queensland
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- Australian Coal Association
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- Bharathi Cement Corporation - India
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- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
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- Bulk Trading Sa - Switzerland
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- Sarangani Energy Corporation, Philippines
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- Petron Corporation, Philippines
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- Bahari Cakrawala Sebuku - Indonesia
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- India Bulls Power Limited - India
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- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
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- Mintek Dendrill Indonesia
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- Tamil Nadu electricity Board
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- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
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- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
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- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
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- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
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- Aboitiz Power Corporation - Philippines
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- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
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- Wood Mackenzie - Singapore
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