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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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Thursday, 07 July 22
COAL INDIA'S PRODUCTION SETS RECORD INCREASE OF 29% YOY AT 36 MT IN Q1FY23 - IIFL SECURITIES
Coal India Limited (CIL) has ended April-June quarter FY’23 capping a historic high of 29% yoy output growth, compared to same quarter FY&rsq ...
Wednesday, 06 July 22
MARKET INSIGHT - INTERMODAL
Following the 3rd Decarbonizing Shipping Forum, held in Hamburg on June 2022, there has been a meaningful resurgence of discussions within the ship ...
Tuesday, 05 July 22
WHY ARE VLSFO PRICES SO HIGH, ESPECIALLY IN SINGAPORE? - STEVE CHRISTY, INTEGR8 FUELS
Tightness in products still trumps talks of recession
Last month we wrote about the fears of recession versus the tightness in product markets ...
Tuesday, 05 July 22
ADANI ENTERPRISES LOWEST BIDDER IN COAL INDIA'S IMPORT TENDER: REPORT - BUSINESS STANDARD
Coal India Ltd floated its first import tender on behalf of power companies, where Adani Enterprises Ltd came out to be the lowest bidder, a report ...
Tuesday, 05 July 22
CHINA POLICY KEY FOR IRON ORE OUTLOOK - ING
China’s covid lockdowns and recessionary risks hit iron ore
Iron ore prices have fallen significantly from their year-to-date high of US$ ...
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- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- The University of Queensland
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Indonesian Coal Mining Association
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
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