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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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Saturday, 11 June 22
AIMTEK INTERNATIONAL CONFERENCE AND AWARDS
Press Release: The prestigious AIMTEK International Conference and Awards concluded successfully on June 7th, 2022 at Radisson Blu, Yas Island Abu ...
Thursday, 26 May 22
MARKET INSIGHT - INTERMODAL
The newbuilding market activity has been significantly positive from a dry bulk owner perspective during the first half of 2022. Indeed, the contra ...
Wednesday, 18 May 22
INDONESIAN COAL PRICE REFERENCE DROPPED 4.42% IN MAY
COALspot.com: Indonesian Coal Price Reference for May delivery drops 4.42 per cent month on month.
The Indonesian Coal Price Referen ...
Thursday, 12 May 22
MARKET INSIGHT - INTERMODAL
Almost through half of the year, the overall shipping market continues to show signs of healthiness, after plenty of festivities and holidays that ...
Wednesday, 27 April 22
EUROPEAN UNION'S LNG IMPORTS - BANCHERO COSTA
In 2021, the European Union (27) was the third largest seaborne importer of LNG in the world, with a 15.8% share.
It followed Mainla ...
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- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
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- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
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- IHS Mccloskey Coal Group - USA
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- Australian Coal Association
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- Parliament of New Zealand
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- Bulk Trading Sa - Switzerland
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- Coalindo Energy - Indonesia
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- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- India Bulls Power Limited - India
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- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
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- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
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- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Orica Australia Pty. Ltd.
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- White Energy Company Limited
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- AsiaOL BioFuels Corp., Philippines
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- Independent Power Producers Association of India
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- Sarangani Energy Corporation, Philippines
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- TeaM Sual Corporation - Philippines
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- Wilmar Investment Holdings
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- Energy Link Ltd, New Zealand
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- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
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- Goldman Sachs - Singapore
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- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
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- Heidelberg Cement - Germany
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- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
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- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
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