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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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Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
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- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
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- Bulk Trading Sa - Switzerland
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- Global Business Power Corporation, Philippines
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- MS Steel International - UAE
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- Merrill Lynch Commodities Europe
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- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
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- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
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- Directorate Of Revenue Intelligence - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
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- Commonwealth Bank - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
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- Billiton Holdings Pty Ltd - Australia
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- Neyveli Lignite Corporation Ltd, - India
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- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
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- Georgia Ports Authority, United States
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- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Planning Commission, India
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
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- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
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- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
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- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- SMC Global Power, Philippines
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