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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, 27 January 22
2022 - A YEAR OF REBALANCING FOR METALS AND MINING - WOOD MACKENZIE
If 2021 was the year of rebound for metals and mining (M&M) commodities, then 2022 is shaping as the year of rebalance, says Wood Mackenzie, a ...
Wednesday, 26 January 22
MARKET INSIGHT - INTERMODAL
While it is logical that most of the S&P reports of the first weeks of the year are linked to very limited activity as reflected in the weekly ...
Wednesday, 26 January 22
INDONESIA: DME PROJECT IS ECONOMICALLY VIABLE AS STUDY DEMONSTRATES
The government is encouraging downstream coal processing or increase in coal added value, for example by turning coal into Dimethyl Ether (DME) to ...
Wednesday, 26 January 22
COMMODITY PRICES COULD SOAR IF THE RUSSIA-UKRAINE CRISIS ESCALATES - ING
It appears that a number of commodity markets are starting to at least price in some geopolitical risk around the growing tension between Russia an ...
Wednesday, 26 January 22
INDONESIA'S COAL BAN SENDS PRICES SOARING, OTHER EXPORTERS FAIL TO STEP UP - REUTERS
Indonesia’s short-lived ban on exporting coal has sent ructions through the seaborne market for the fuel in Asia, with the fallout likely to ...
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- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Coastal Gujarat Power Limited - India
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