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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, 17 February 22
MAJOR INSTITUTIONS PROVIDED OVER $1.5 TRLN TO COAL SECTOR IN 2019-2021, SAYS NGO GROUP - REUTERS
Financial institutions channelled more than $1.5 trillion into the coal industry in loans and underwriting from January 2019 to November 2021, even ...
Thursday, 17 February 22
APAC THERMAL COAL PRICES TO EASE ON END OF INDONESIA EXPORT BAN - FITCH RATINGS
Fitch Ratings-Shanghai/Singapore-14 February 2022: APAC thermal coal prices are likely to come under pressure in the near term due to seasonally we ...
Tuesday, 15 February 22
IS ANOTHER COAL SHORTAGE CRISIS LOOMING OVER INDIA? - BUSINESS STANDARD
In December last year, the Federation of Indian Mineral Industries (FIMI) shot off a letter to the Prime Minister claiming that the coal crisis was ...
Tuesday, 15 February 22
THERMAL COAL'S RECORD PRICE RUN MAY END UP ITS OWN WORST ENEMY - REUTERS
The price of benchmark Australian thermal coal rose last week to trade near record highs, providing a short-term boost to producers but increasing ...
Thursday, 10 February 22
INDONESIA: COAL EXPORT BAN - SKULD
Indonesia's coal export ban in the light of force majeure and off-hire clauses
In January 2022, Indonesia, the world's biggest exporte ...
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- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
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