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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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Friday, 04 February 22
RENEWABLES ON THE RISE, COAL CONTINUOUSLY FALLING - EUROPEAN COMMISSION
Although oil (34.5%) and natural gas (23.7%) were still the most important fuel sources in the EU energy mix in 2020, renewable energy’s shar ...
Thursday, 03 February 22
COAL SHORTAGE NOW AT ALARMING LEVELS, SAY ALUMINIUM PRODUCERS - IANS
With no relief in sight despite coal stocks running critically low and production disruptions looming across the Indian aluminium sector, the Alumi ...
Wednesday, 02 February 22
HIGH COKING COAL PRICES PROVIDE GLIMPSE INTO STEELMAKING'S FUTURE - MCKINSEY
Last year was a volatile one in global commodity markets. Demand for coking coal, an essential raw material in the production of steel, was extreme ...
Wednesday, 02 February 22
INDONESIA'S RESTRICTIONS ON COMMODITIES RATTLE MARKETS, MORE MOVES LIKELY - REUTERS
In just the first month of this year, Indonesian policymakers have rattled global markets with restrictions on some of its biggest commodities expo ...
Wednesday, 02 February 22
CHINA'S TOP COAL PRODUCER FORECASTS 28 PCT PROFIT GROWTH IN 2021 - XINHUA
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in ...
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- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- VISA Power Limited - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
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