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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, 26 November 21
CHINA FINDS COMPLIANCE PROBLEMS IN COAL PRICE INDEX PROBE - REUTERS
China’s state planner on Wednesday said it had discovered some “noncompliant” behaviour among coal price index providers as it an ...
Thursday, 25 November 21
SE ASIA POWER DEMAND TO RISE AS STATE SUPPORT MITIGATES COVID-19 IMPACT - FITCH RATINGS
Electricity demand in south-east Asia is likely to increase in 2021, following slow growth or contraction in 2020, thanks to state support that has ...
Thursday, 25 November 21
FITCH RATINGS INCREASES MOST GLOBAL METALS AND MINING PRICE ASSUMPTIONS - FITCH RATINGS
Fitch Ratings has increased most metals and mining price assumptions, particularly those that benefit from increased longer-term demand due to glob ...
Thursday, 25 November 21
CHINA'S COAL PRICE DROPS IN MID-NOVEMBER AMID GOVERNMENT’S SWEEPING MEASURES - GLOBAL TIMES
China’s coal prices have dropped significantly in mid-November compared with the beginning of the month, with the price of coking coal and co ...
Wednesday, 24 November 21
MARKET INSIGHT - INTERMODAL
Inflation is the word that has dominated the meetings of foreign leaders and finance ministers in recent weeks, as rising energy costs, supply chai ...
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- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
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- Chamber of Mines of South Africa
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- Billiton Holdings Pty Ltd - Australia
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- Coal and Oil Company - UAE
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- OPG Power Generation Pvt Ltd - India
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- Economic Council, Georgia
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- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
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- Jaiprakash Power Ventures ltd
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- Larsen & Toubro Limited - India
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- Singapore Mercantile Exchange
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
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- New Zealand Coal & Carbon
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- Tata Chemicals Ltd - India
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- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
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- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
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- Bulk Trading Sa - Switzerland
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- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
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- Price Waterhouse Coopers - Russia
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- White Energy Company Limited
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- Rashtriya Ispat Nigam Limited - India
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- McConnell Dowell - Australia
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- Eastern Energy - Thailand
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- Sakthi Sugars Limited - India
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- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
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- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
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- Electricity Generating Authority of Thailand
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
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- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
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- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
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- Indonesian Coal Mining Association
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
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