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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, 26 July 22
CAP RUSSIA'S OIL PRICE NOW - PROJECT SYNDICATE
Though the price of oil has declined in recent weeks, it is still through the roof, filtering through to gasoline prices, and causing economic and ...
Tuesday, 26 July 22
WILL SOUTH AMERICA’S WINTER DEMAND DRAW LNG CARGOES AWAY FROM EUROPE? - ICIS
South America is now in the middle of its winter demand season. Last year the region increased its share of global LNG imports in winter, with Braz ...
Monday, 25 July 22
GLOBAL 2021 COAL-FIRED ELECTRICITY GENERATION SURGES TO RECORD HIGH - REUTERS
By contrast, mine output was still fractionally below the record set between 2012 and 2014 because older and less efficient coal generators have be ...
Saturday, 23 July 22
THE EU HAS BEEN REDUCING IMPORTS OF RUSSIAN REFINED OIL PRODUCTS SINCE MARCH - BANCHERO COSTA
The European Union could now ban the import and transit of fuel oil from Russia around six months ahead of the planned deadline, an EU official and ...
Saturday, 23 July 22
INDONESIA CONSIDERING SCRAPPING DOMESTIC SALES RULE FOR PALM OIL EXPORTS - REUTERS
Indonesia is considering removing a domestic sales requirement for palm oil exports because high inventories of the vegetable oil have been holding ...
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- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Australian Coal Association
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Eastern Energy - Thailand
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
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