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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 April 22
CHINA'S APPETITE FOR BAUXITE HITS NEW RECORD AS Q1 IMPORTS JUMP 15.4% Y/Y - BIMCO
Bauxite shipments arriving in China hit new record levels in the first quarter of 2022 and grew at an average annual rate of 12.8% between 2017 and ...
Tuesday, 26 April 22
INDIA'S COAL IMPORTS ARE SHIFTING, THERMAL MORE THAN COKING - REUTERS
India’s coal imports are starting to reflect shifting world trade and pricing dynamics in the wake of Russia’s invasion of neighbouring ...
Monday, 18 April 22
GERMAN COAL IMPORTERS EXPECT A BRIEF SPIKE IN PRICES ON EU BAN - REUTERS
A European Union embargo on Russian coal imports will push up prices in the short term before alternative supplies become available to steady the c ...
Monday, 18 April 22
FINNISH 'LOOPHOLES' ALLOW IMPORTS OF RUSSIAN COAL AND OIL TO CONTINUE - EURONEWS
Activists in Finland are calling for the government to clamp down faster on state-owned companies that continue to import raw materials from Russia ...
Monday, 18 April 22
GOVT IN DISCUSSION WITH WORLD BANK ON FRAMEWORK FOR COAL MINE CLOSURE - BUSINESS STANDARD
The coal ministry is in discussions with the World Bank for collaboration on the mine closure framework, a government official said on Wednesday.
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- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Deloitte Consulting - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- Planning Commission, India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
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