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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, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, ...
Wednesday, 22 September 21
MARKET INSIGHT - INTERMODAL
The unfolding last week of a trilateral defence pact between the United States, Australia, the United Kingdom (AUKUS) envisages a wide range of col ...
Tuesday, 21 September 21
CHINESE COAL IMPORTS FROM AUSTRALIA DROP 98.6% AS RESTRICTIONS BITE - BIMCO
In the first seven months of the year Chinese coal imports from Australia have totalled just 780,000 tonnes as Chinese restrictions on Australian c ...
Tuesday, 21 September 21
CHINA'S COAL OUTPUT RESUMES GROWTH IN AUGUST - XINHUA
China’s raw coal output rose 0.8 percent year on year to 340 million tonnes last month, official data showed.
The growth rate ...
Wednesday, 15 September 21
MARKET INSIGHT - INTERMODAL
Following the oil price sell off during most of August, partly triggered by oil demand fears amid the delta COVID variant, oil prices have resumed ...
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- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
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- Minerals Council of Australia
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- AsiaOL BioFuels Corp., Philippines
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- IEA Clean Coal Centre - UK
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- Georgia Ports Authority, United States
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Indian Oil Corporation Limited
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Eastern Coal Council - USA
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- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
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- Ministry of Transport, Egypt
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
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- Sindya Power Generating Company Private Ltd
- The University of Queensland
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- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
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- Energy Link Ltd, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
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- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
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- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
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