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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
MARKET INSIGHT - INTERMODAL
Over 90% of the world’s goods are transported by sea. LPG is a clean, energy efficient and portable fuel that is being marketed at an afforda ...
Friday, 20 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 November 20
MARKET INSIGHT - INTERMODAL
As we are moving towards the end of the year, the overall deal landscape of the dry bulk sector corresponding to the second half of 2020 (up to dat ...
Tuesday, 17 November 20
COAL SQUEEZE INTENSIFIES - BALTIC EXCHANGE
The message from the top is clear: cut out coal. While the regulatory pressure has been evident for some time, the race to banish the black stuff s ...
Tuesday, 17 November 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.35 PCT - XINHUA
China Taiyuan coal transaction price index stood at 128.72 points Monday, up 0.35 percent week on week.
The index, released by China ...
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- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
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