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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, 29 March 22
MEMR OF INDONESIA HAS FIXED COAL PRICE AT US$ 90 PER TONNE FOR DOMESTIC INDUSTRIES EXCEPT SMELTER INDUSTRIES; FOR PLN USD 70 IS APPLICABLE
Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif has set the selling price of coal for domestic, industrial except metal processing an ...
Monday, 21 March 22
A FORCE MAJEURE TO BE RECKONED WITH - BALTIC EXCHANGE
Sanctions cause payment confusion
This dispute in MUR Shipping BV v. RTI Ltd [2022] EWHC 467 (Comm) related to an owner’s purported exercis ...
Monday, 21 March 22
CHINA'S COAL OUTPUT UP 10.3 PCT IN FIRST TWO MONTHS - XINHUA
China’s raw coal output posted fast growth in the first two months of 2022, while coal imports continued to shrink, official data showed.
...
Tuesday, 15 March 22
INDUSTRY VETERANS & ORGANIZATIONS HONOURED WITH THE PRESTIGIOUS SHIPTEK INTERNATIONAL AWARDS 2022
Press Release: The 15th edition of the prestigious ShipTek International Conference & Awards 2022 concluded successfully from March 7th - 8th 2 ...
Tuesday, 15 March 22
CHINA'S COAL OUTPUT GROWS TO STABILIZE MARKET SUPPLY - XINHUA
China’s coal market has seen growth in output since late February amid the country’s efforts to stabilize production and ensure supply, ...
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- Posco Energy - South Korea
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- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
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- Coal and Oil Company - UAE
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- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
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- Carbofer General Trading SA - India
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- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
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- Altura Mining Limited, Indonesia
- Australian Coal Association
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- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
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- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
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- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
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- CNBM International Corporation - China
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- Sree Jayajothi Cements Limited - India
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- PNOC Exploration Corporation - Philippines
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- Ministry of Finance - Indonesia
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- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Planning Commission, India
- The University of Queensland
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- Heidelberg Cement - Germany
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- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
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- Romanian Commodities Exchange
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- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
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- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
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- Parry Sugars Refinery, India
- Marubeni Corporation - India
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- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
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- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
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- PowerSource Philippines DevCo
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- Alfred C Toepfer International GmbH - Germany
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- Chamber of Mines of South Africa
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- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
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- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
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- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
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- Minerals Council of Australia
- Dalmia Cement Bharat India
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- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
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- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
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- Holcim Trading Pte Ltd - Singapore
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
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- Bharathi Cement Corporation - India
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- Central Electricity Authority - India
- Economic Council, Georgia
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- Siam City Cement - Thailand
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