Erik Hoffmann of global energy and commodity price reporting agency Argus Media on Tuesday (11 March) issued an update of Torm’s scrubber installations:
Copenhagen-listed shipowner Torm’s scrubber installations in China have only been delayed slightly by the coronavirus outbreak.
“Minor delays” have been experienced according to a spokesman for the company, and because one of the shipyards is on an island it has been shielded from the effects of the coronavirus.
Other shipowners’ scrubber installations have also been delayed by the coronavirus disruption. New York-listed DHT Holdings and Swedish Stena Bulk have both had scrubber installations postponed.
Torm said it plans to install scrubbers on 17 additional vessels by the end of 2020, and take delivery of two scrubber-fitted newbuilds in the fourth quarter of 2021.
The total number of scrubber-fitted vessels would then be 49 by the end of 2021. 37 of these are retrofits, 12 are on newbuilds.
Torm currently has 30 vessels fitted with scrubbers, of which 21 are retrofits, and nine are on newbuilds.
With exhaust scrubbers fitted, Torm’s vessels can comply with the IMO’s 0.5pc sulphur cap by burning 3.5pc sulphur marine fuel oil, which was at a $133.25/t discount to 0.5pc sulphur marine fuel oil in Singapore today.
The discount has narrowed sharply since it peaked at $370.50/t on 2 January, a day after the sulphur cap was implemented. A lower discount increases the payback time on scrubber investments.
Photo credit and source: Argus Media
Published: 12 March, 2020
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