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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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Saturday, 16 January 21
SEABORNE TRADE IN STEAM COAL DECREASED BY 11.6% FROM 937 MILLION TONNES IN 2019 TO 828 MILLION TONNES IN 2020 - COAL IMPORTERS ASSOCIATION, GERMANY
According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), global hard coal production dec ...
Friday, 15 January 21
OVER US$50 BILLION IN GAS POWER PROJECTS AND LNG IMPORT FACILITIES AT RISK OF CANCELLATION IN BANGLADESH, PAKISTAN AND VIETNAM - IEEFA
Pakistan and Bangladesh have already cancelled tenders for LNG imports
Emerging markets such as Vietnam, Pakistan and Bangladesh tha ...
Friday, 15 January 21
VIETNAM'S EXTRAORDINARY ROOFTOP SOLAR SUCCESS DEALS ANOTHER BLOW TO THE REMAINING COAL PIPELINE - IEEFA
9.3 gigawatts peak of solar capacity, equal to 6 coal power plants, installed in less than a year
Vietnam’s solar power indust ...
Friday, 15 January 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 14 January 21
KOREA MIDLAND POWER INVITED BIDS FOR AUSTRALIAN COAL FOR THREE YEARS SUPPLY
COALspot.com: Korea Midland Power Co. Ltd, issued an International tender for total 1,560,000 MT of Min.5,700 kcal/kg NCV coal of Australian Origin ...
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- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- White Energy Company Limited
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- The University of Queensland
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
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