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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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Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
Saturday, 06 August 22
SUMITOMO Q1 PROFIT RISES 45% ON STRONGER PRICES OF COAL, NICKEL - REUTERS
Japanese trading house Sumitomo Corp 8053.T said on Wednesday its net profit for the April-June quarter rose 45% to a record thanks to higher price ...
Saturday, 06 August 22
GERMANY'S ENERGY U-TURN: COAL INSTEAD OF GAS - DEUTSCHE WELLE
Berlin has realized it will never again import as much energy from Russia as before the Ukraine war. So the challenge is to wean Germany off its de ...
Saturday, 30 July 22
NUANCES OF FORCE MAJEURE CLAUSE - BALTIC EXCHANGE
Knowledge to Elevate
In NKD Maritime Limited v. Bart Maritime (No 2) Inc (Shagang Giant) [2022] EWHC 1615 (Comm), Bart Maritime (No 2) Inc (th ...
Saturday, 30 July 22
AEMO URGES QUICKER SHIFT TO RENEWABLES AMID COAL FAILURES AND SOARING FOSSIL FUEL COSTS
The Australian Energy Market Operator has called for an accelerated shift to wind and solar, backed up by batteries and other storage, as a devasta ...
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- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cement Manufacturers Association - India
- Australian Coal Association
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
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