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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, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
Tuesday, 29 September 20
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Tuesday, 29 September 20
SHIPPING MARKET - ALLIED
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Tuesday, 29 September 20
INDONESIAN COAL COMPANIES' EARNINGS TO WEAKEN IN 2H20 - FITCH RATINGS
Rated Indonesian coal miners and contractors will have weaker operating and financial performances in the second half of 2020 than in the first, sa ...
Tuesday, 29 September 20
RUSSIA'S COAL PRODUCTION TO DROP BY 10.5% IN 2020, SAYS MINISTRY - TASS
Russia’s Economic Development Ministry projects a 10.5% decrease in coal production in the country in 2020 compared with last year to 395 mln ...
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- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
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- VISA Power Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
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- New Zealand Coal & Carbon
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- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
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