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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, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- VISA Power Limited - India
- The University of Queensland
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
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