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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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Monday, 28 September 20
NEW LNG PROJECTS - ALL DRESSED UP AND NO PLACE TO GO - WOOD MACKENZIE
It was meant to be another boom year. After a record 70 mmtpa of new LNG capacity was sanctioned in 2019, at least as much capacity was lined up fo ...
Thursday, 24 September 20
SUPRAMAX: INDO TO INDIA FIXING AROUND US$13,000 - FEARNLEYS
Cape
Over the last week the iron ore segment from Brazil to China has picked up, and we see freight rates up USD 2 (12%) week on week Fearnleys ...
Thursday, 24 September 20
KOREA MIDLAND POWER TO BUY 1.92 MILLION TONS OF 4,300-4,700 NCV COAL FOR THREE YEARS
COALspot.com: Korea Midland Power Co. Ltd, has issued an International tender for 640,000 MT 4,300-4,700 kcal/kg NCV coal per year.
...
Wednesday, 23 September 20
VIETNAM'S NEW POWER DEVELOPMENT PLAN MUST OPTIMIZE RENEWABLES AND AVOID FOSSIL FUEL LOCK-IN: IEEFA
EVN’s financial constraints leaves the utility with little room for error
Implementing Vietnam’s soon-to-be-launched next Power De ...
Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day p ...
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- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
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