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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- VISA Power Limited - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
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