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Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
 As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; changes in bunker infrastructure, availabilities and pricing are all having a major impact, posing challenges to bunker buyers and these are not going to go away quickly.
The process of switching infrastructure (storage and barges) from HSFO to VLSFO has been noticeably underway since September. We have seen a significant strengthening and then weakening in HSFO prices (see Integr8 briefing note 22nd November 2019) and now we are at the next stage, where buyers have/are switching rapidly towards VLSFO. The impacts of this change-over are again easily seen, in terms of terminal congestion, barge delays, availabilities and of course price.
Since October the quoted price of HSFO has fallen sharply, whereas the price of VLSFO in Rotterdam has been around $480-500/ton. VLSFO prices in Gibraltar, Fujairah and Singapore rising fast and well above the $540-560/ton range we saw in October/November. This means quoted VLSFO prices are now around $230-240/ton above HSFO.
VLSFO prices can vary by as much as $80 per tonne in the same region
The moves in VLSFO pricing reflect owners shifting towards these new compliant fuels and that there are constraints on infrastructure and availabilities in the VLSFO supply chain. The extent of this is not only seen in VLSFO price differences between main bunkering regions, but also VLSFO pricing within a given region. The graph below illustrates the significant variation in VLSFO pricing within the Mediterranean, with for instance quoted prices at Piraeus sometimes anywhere between $20-80/ton below Gibraltar prices and prices in Malta still plus or minus $20/ton compared with Gibraltar quotes. These positions mean as a buyer, being adaptable and looking at possible alternate bunkering locations could be very attractive.
In some instances MGO prices are only a small premium to VLSFO
Finally, these squeezes in VLSFO have already led to instances where there is an extremely small price differential between VLSFO and MGO (or even some instances where MGO has been priced below VLSFO). Currently, there is less than $10/ton differential between quoted prices for MGO and VLSFO in Singapore, down from around a $75/ton differential a couple of months ago. This is another strong case for buyers being adaptable in that bunkering MGO could be the ‘best option’.
These developments in the Med and Singapore markets are only illustrations of what can happen in other global regions and reflects the squeezes on the VLSFO system at certain times and in certain areas. There is no ‘quick fix’ here and issues will continue to arise well beyond the January 1st IMO 2020 start date, as shipowners start burning VLSFO and will have to build and replenish VLSFO stocks on board.
We are providing buyers with access to this information and analysis on any tightness in availabilities, any constraints on terminal and barging operations and ultimately the knowledge on pricing, all of which will assist decisions in this complex and consistently changing market.
Source: Integr8 Fuels
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Friday, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Star Paper Mills Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Deloitte Consulting - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
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