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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, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 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 ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Central Electricity Authority - India
- White Energy Company Limited
- VISA Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
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