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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, 06 October 21
EUROPEAN COAL FUTURES CLIMB TO 13-YEAR PEAK - REUTERS
European coal futures rose to a 13-year high and physical thermal coal prices were at record highs as rallying gas prices and strong Asian demand f ...
Tuesday, 05 October 21
CAPESIZE MARKET WAS IN A STEEP CLIMB FOR MOST OF THIS WEEK - BALTIC EXCHANGE
Capesize
The Capesize market was in a steep climb for most of this week as it reached a pinnacle of $74,786 Wednesday before stalling, regather ...
Wednesday, 29 September 21
THE WRITING IS ON THE WALL: AUSTRALIA’S COAL ERA IS OVER - YAHOO!FINANCE
As the fringe of Australian politics strives to pump up the coal industry, facts show that coal production has started its long run decline.
&n ...
Wednesday, 29 September 21
SURGING COAL PRICES SPLIT ASIAN BUYERS INTO RICH AND POOR - REUTERS
As seaborne coal in Asia trades at, or near, record highs, there are early signs of demand destruction, especially among price-sensitive buyers suc ...
Wednesday, 29 September 21
MARKET INSIGHT - INTERMODAL
Tanker Asset values have surprised to the upside, despite the downward pressure on the freight market. Tanker rates have been hovering close to the ...
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- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Planning Commission, India
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Australian Coal Association
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
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