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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, 08 March 22
RUSSIA-UKRAINE CONFLICT ADDS IMPETUS TO ASIA'S ENERGY TRANSITION - IEEFA
Clean energy alternatives are a crucial hedge against future disruptions in global commodity markets
Russia’s invasion of Ukra ...
Tuesday, 08 March 22
THE HIGH COST OF INDONESIA’S DOWNSTREAM COAL PROJECTS IS UNDERESTIMATED - IEEFA
Three Indonesian ministries have come up with a DME purchase price of US$378/tonne fixed for 20 years compared to IEEFA’s US$601/tonne estima ...
Wednesday, 02 March 22
SHIPPING MARKET INSIGHT - INTERMODAL
The escalating confrontation between Russia and Ukraine has the potential to disrupt global order and set the world back a few decades. While count ...
Tuesday, 22 February 22
THE DRY BULK MARKET HAS MOVED ON A POSITIVE TRACK - ALLIED
The dry bulk market has moved on a positive track as of the past couple of weeks or so. Following the typical softening in freight conditions durin ...
Tuesday, 22 February 22
CHINA'S DAILY OUTPUT OF COAL REBOUNDS TO OVER 12 MLN TONNES - REUTERS
China’s coal output returned to more than 12 million tonnes per day as of Feb. 20, the country’s state planner said on Monday, a level ...
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- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Australian Coal Association
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Orica Australia Pty. Ltd.
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
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