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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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Wednesday, 02 February 22
COAL STORAGE IN CHINA’S POWER PLANTS NEAR RECORD HIGHS - XINHUA
Coal inflows into China’s power plants have picked up, bringing their coal storage to near record highs, the National Development and Reform ...
Wednesday, 02 February 22
MARKET INSIGHT - INTERMODAL
Oil prices have rallied to the highest level since October 2014 breaking above $90/bbl recently. November 2014 was the point when OPEC unleashed pr ...
Monday, 31 January 22
HOW INDONESIA'S COAL EXPORT BAN COULD IMPACT INDIA - IEEFA
What does it mean for power generation and energy security?
Not long ago, India faced coal shortages due to a decline in domestic co ...
Sunday, 30 January 22
AIR PRODUCTS' COAL GASIFICATION PROPOSAL TRIGGERS LOOMING POLICY DISPUTES IN INDONESIA - IEEFA
Plan to substitute Indonesia’s LPG imports with dimethyl ether may be hard to realize due to conflicting business interests
In ...
Sunday, 30 January 22
ENDGAME FOR NEW COAL POWER PROJECTS? - IEEFA INDIA
Retired coal units must be replaced only by assets that can provide grid flexibility
Reportedly, an expert committee appointed by th ...
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- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Planning Commission, India
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
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