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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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Tuesday, 14 December 21
COAL LOCK-IN IN SOUTHEAST ASIA PRESENTS A CHALLENGE FOR THE ASIAN DEVELOPMENT BANK'S COAL RETIREMENT PLAN - IEEFA
In August, the Asian Development Bank (ADB) announced an ambitious plan to buy high emissions coal-fired power plants in Southeast Asia and retire ...
Saturday, 11 December 21
BUNKER BUYERS LOSE UP TO $5/MT FOR NOT COVERING ENOUGH SUPPLIERS - INTEGR8 FUELS
With the Brent price recently touching the $80 mark and before the Omicron variant concerns pushed it lower, bunker prices reached levels not seen ...
Tuesday, 07 December 21
SUPERCYCLE DEMAND: ARE WE THERE YET? - WOOD MACKENZIE
Taking young children on a long journey is fraught with challenges, not least the inevitable question a few minutes after leaving: are we there yet ...
Tuesday, 07 December 21
COAL WOULD REMAIN ENERGY LEADER FOR AT LEAST 15 YEARS - LIVEMINT
Coal India Ltd (CIL) has been in the eye of the storm after fuel stocks at coal-fuelled power plants depleted in October. Fuel stocks since are bei ...
Tuesday, 07 December 21
GLOBAL SHIPPING OUTLOOK TURNS STABLE FROM POSITIVE ON THE BACK OF PEAKING EARNINGS DURING 2021 - MOODY'S
The outlook for the global shipping industry is changed to stable from positive for the next 12 to 18 months due to demand slightly outstripping su ...
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- Siam City Cement - Thailand
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- Merrill Lynch Commodities Europe
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- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
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- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
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- Bahari Cakrawala Sebuku - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
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- Australian Commodity Traders Exchange
- White Energy Company Limited
- Parliament of New Zealand
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- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
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- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
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- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
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- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
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- PNOC Exploration Corporation - Philippines
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
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- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
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- GAC Shipping (India) Pvt Ltd
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