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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, 19 July 22
DRY BULK MARKET: CAPESIZE MARKET FIRMS THIS WEEK - BALTIC EXCHANGE
Capesize
Firmer sentiment across both basins pushed the Capesize 5TC route average above the $20,000 threshold this week, closing at $24,209. A ...
Tuesday, 19 July 22
WHY SHIPPING MIGHT BE ABOUT TO GET A LITTLE BIT SLOWER - WORLD ECONOMIC FORUM
If shipping is the beating heart of global trade, its pulse is about to get slower.
Faced with uncertainty about which fuels to use in the long ...
Tuesday, 19 July 22
GERMANY'S INCREASED COAL, OIL USE WILL BE TEMPORARY, SCHOLZ SAYS - CNBC
Chancellor Olaf Scholz says Germany’s decision to reactivate coal and oil-fired power plants to relieve energy shortages because of the war i ...
Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finan ...
Tuesday, 19 July 22
CHINA'S JUNE DAILY COAL OUTPUT JUMPS ON PEAK SUMMER DEMAND - REUTERS
China’s daily coal output in June rose 6.6 per cent from a month earlier as miners cranked up output ahead of peak summer temperatures, when ...
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- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- PTC India Limited - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Central Electricity Authority - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- The University of Queensland
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
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