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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, 21 January 22
CHINA'S POWER TRADING TARIFFS TO RISE IN 2022 - FITCH RATINGS
Rising trading volume and higher-than-benchmark tariffs in the 2022 bilateral contracts signed between Chinese power generation companies (gencos) ...
Thursday, 20 January 22
CHINESE COAL JUMPS OVER 6% ON PRE-HOLIDAY SUPPLY WORRY - REUTERS
China’s thermal coal futures soared more than 6% on Wednesday, hitting a level last seen in late November as investors grew concerned over ti ...
Thursday, 20 January 22
VIETNAM: COAL SECTOR SEES POSITIVE PROSPECT IN 2022 - VNA
With many signs of rising demand for coal in various economic sectors in 2022, the Vietnam National Coal – Mineral Industries Group (Vinacomi ...
Wednesday, 19 January 22
MARKET INSIGHT - INTERMODAL
Since the beginning of the year, we have been witnessing the BDI correcting downwards with sizable drops across all segments. Latest similar levels ...
Sunday, 09 January 22
INDONESIA MINISTER SAYS 'EMERGENCY OVER' ON COAL SUPPLY CRUNCH - REUTERS
Indonesia’s power emergency which has triggered a coal export ban is over but the government will still continue to discuss policies in this ...
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- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Maheswari Brothers Coal Limited - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
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