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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, 22 December 20
INDIA'S COAL DEMAND IS SET TO EXPAND DESPITE PLUMMETING IN 2020 - IEA
Coal consumption in India amounted to 979 Mt in 2019, with the largest share being thermal coal (including lignite) for electricity generation (687 ...
Tuesday, 22 December 20
SOUTHEAST ASIA'S COAL DEMAND IS SET TO EXPAND AFTER THE PANDEMIC-INDUCED HIATUS IN 2020 - IEA
Coal consumption in Southeast Asia has more than doubled in the last decade, with the largest growth in Indonesia and Viet Nam, followed by Malaysi ...
Tuesday, 22 December 20
COAL DEMAND IS RISING QUICKLY IN PAKISTAN AND MORE SLOWLY IN BANGLADESH - IEA
Pakistan had 150 MW of installed coal power capacity in 2015. Since 2017, in addition to a few small plants for industry, Pakistan has commissioned ...
Tuesday, 22 December 20
AFRICA PERSPECTIVE INDICATES NO MAJOR SHIFTS FOR COAL CONSUMPTION - IEA
Overall countries on the African continent consumed 197 Mt of coal in 2019, 12 Mt less (-6%) than 2018.
South Africa, the continent& ...
Monday, 21 December 20
COAL PRICES WITHSTAND DESPITE COVID-19 AND CHINESE IMPORT QUOTAS - IEA
Coal prices vary by region as well as by grade and quality. The price rebound starting in 2016 ended in 2018, moving in a downward trend in 2019. A ...
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- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
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