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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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Wednesday, 27 January 21
MARKET INSIGHT - INTERMODAL
As we have entered the era off renewable energies, all industries globally give max effort to minimize their carbon footprint and consequently thei ...
Monday, 25 January 21
ULTRAMAX YET ANOTHER POSITIVE WEEK FOR THE SECTOR, WHICH SAW INCREASED DEMAND ACROSS ALL BASINS - BALTIC BRIEFING
Capesize
The Capesize market rocked and rolled these past few days. But by weeks end little had changed on the Capesize 5TC as it settled down ...
Monday, 25 January 21
NEW LAW IN CALIFORNIA, USA, AFFECTING SHIPOWNERS' LIABILITY FOR OIL POLLUTION - BIMCO
Members are advised that amendments to the so-called Lempert-Keene-Seastrand Oil Spill Prevention and Response Act of 1990 in the State of Californ ...
Monday, 25 January 21
COAL INDIA SAYS GEARED UP TO MEET SURGE IN FUEL DEMAND FROM POWER SECTOR - PTI
State-owned Coal India Ltd on Saturday said that it is well geared to meet any surge in demand for coal from the power sector.
The s ...
Sunday, 24 January 21
GOVT ASSURES COAL INDIA OF 'FULL SUPPORT', STRESSES ON LEARNING 'NEW THINGS' - PTI
Coal Minister Pralhad Joshi assured Coal India of full government support, even as he said the PSU needs to learn “new things” for impr ...
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- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Australian Coal Association
- Economic Council, Georgia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
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