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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Eastern Energy - Thailand
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- The University of Queensland
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Planning Commission, India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
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