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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, 14 October 20
CHINA COKING COAL FUTURES RALLY ON REPORTED BAN ON AUSTRALIA CARGOES - REUTERS
Dalian coking coal futures rallied for a sixth straight session on Tuesday after reports surfaced that China had stopped buying coal from Australia ...
Wednesday, 14 October 20
MARKET INSIGHT - INTERMODAL
The tanker market has experienced severe freight rate and asset value declines over the past 5 months. A potential market upturn may arise in the c ...
Friday, 09 October 20
INDIA'S COAL IMPORTS IMPROVE SOMEWHAT, BUT RECOVERY IS UNEVEN - REUTERS
India’s coal imports, depressed by the impact of coronavirus this year, regained ground in September, but in an uneven uptick – shipmen ...
Thursday, 08 October 20
CHINA'S COAL IMPORTS FROM INDONESIA DECLINED 16.4% Y-O-Y, TO 80.2 MLN TONNES IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
China's coal imports boomed in 2019, surprising many who had expected the government would clamp down strictly on shipments.
...
Thursday, 08 October 20
GLIMMER OF LIGHT FOR COAL, BUT SHORT TERM - FNARENA
Is coal on the rebound? Demand appears stronger and supply reductions have underpinned a tightening market. Certainly, the Newcastle thermal coal p ...
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- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Economic Council, Georgia
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- The University of Queensland
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Energy Development Corp, Philippines
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
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