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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, 30 June 22
INVESTMENT IN GLOBAL COAL SUPPLY CHAIN TO HIT $115 BN IN 2022, LED BY CHINA AND INDIA - BUSINESS LINE
At over $80 billion, China and India are anticipated to make up the bulk of global coal investment in 2022, says IEA.
The investment ...
Wednesday, 29 June 22
LNG MARKET REMAINS TIGHT - INTERMODAL
LNG market remains tight currently, mainly driven by the US LNG outage from the recent fire in Freeport LNG terminal together with the recent fall ...
Wednesday, 29 June 22
CHINA'S NEW PLAN FOR RENEWABLE ENERGY DEVELOPMENT FOCUSES ON CONSUMPTION - FITCH RATINGS
China’s focus on consumption penetration for renewable energy development in its recently released 14th five-year plan – 2021 to 2025 & ...
Wednesday, 29 June 22
APAC CORPORATE SECTOR OUTLOOKS SHIFT AMID GLOBAL SHOCKS - FITCH RATINGS’
Fitch Ratings’ mid-2022 corporate sector outlook review revealed that the Asia-Pacific (APAC) region saw the largest number of sector outlook ...
Thursday, 16 June 22
MARKET INSIGHT - INTERMODAL
Picking up from my last insight in March, on the early days of the invasion, it's worth pointing out the way that the fast-paced working enviro ...
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- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Mjunction Services Limited - India
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
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