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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- White Energy Company Limited
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
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