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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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Tuesday, 29 December 20
CORROSION-RESISTANT STEELS FOR CARGO OIL TANKS - DNV GL
KNOWLEDGE TO ELEVATE
Crude oil is a complex mixture of substances at varying ratios and in most cases contains at least some salt water. ...
Tuesday, 29 December 20
CHINA COKING COAL FUTURES RISE FOR THIRD DAY ON SUPPLY WORRIES - REUTERS
Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines ...
Wednesday, 23 December 20
COKING COAL'S DECLINE LIKELY TO FOLLOW THE PATH OF THERMAL COAL’S PROGRESSIVE DEMISE - IEEFA
Technology disruption the likely theme of global energy markets in 2021
There has been a growing tsunami of climate commitment annou ...
Wednesday, 23 December 20
MARKET INSIGHT - INTERMODAL
As we all know, China forges more steel than the rest of the world combined, and even during this unprecedented pandemic, the nation is set to brea ...
Tuesday, 22 December 20
2021 DRY BULK OUTLOOK - SUPPLY GROWTH - TORVALD KLAVENESS
In the first article in the series we mentioned that dry bulk freight was in a super cycle between 2001 and 2008. The growth in global yard capacit ...
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- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
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