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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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Wednesday, 25 November 20
DRY BULK SHIPPING: CHINA REMAINS THE DRIVING FACTOR, BUT COAL POLICY IS DISRUPTING THE MARKET - PETER SAND, BIMCO
The second half of the year has provided some cheer for the dry bulk market, with all ships in the spot market averaging earnings above the break-e ...
Wednesday, 25 November 20
CHINA KICKS AN OWN GOAL WITH AUSTRALIAN COAL - FORBES
China’s annoyance at Australia’s hardline stance on political interference and demands for an independent inquiry into the root cause o ...
Wednesday, 25 November 20
MINISTER - INDONESIA JAN-OCT COAL OUTPUT AT 459 MILLION TONNES - REUTERS
Indonesia coal output in the January to October period was 459 million tonnes, the country’s energy minister told parliament on Monday.
& ...
Wednesday, 25 November 20
INDIA: MORE STEPS NEEDED TO MAKE COMMERCIAL COAL MINING ATTRACTIVE TO GLOBAL PLAYERS - LIVEMINT
India concluded its first commercial coal mine auctions earlier this month. A total of 19 coal mines spread across Madhya Pradesh, Jharkhand, Odish ...
Wednesday, 25 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.38 PCT - XINHUA
China Taiyuan coal transaction price index stood at 129.21 points Monday, up 0.38 percent week on week.
The index, released by China ...
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- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
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