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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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Friday, 18 September 20
INDIA'S COAL-FIRED POWER OUTPUT PICKS UP AS INDUSTRIAL USE RISES - REUTERS
India’s coal-fired electricity generation rose 9.4% in the first half of September, provisional government data showed, as demand from indust ...
Friday, 18 September 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 ...
Thursday, 17 September 20
LAST HOPES FOR DEMAND GROWTH SET TO DISAPPOINT THERMAL COAL EXPORTERS - IEEFA
Asian thermal coal exporters are fighting an uphill battle even in new markets
The world’s largest thermal coal exporter is eyeing new m ...
Wednesday, 16 September 20
MARKET INSIGHT - INTERMODAL
Another active week in terms of SnP has concluded in the dry bulk market with a diversified array of transactions recorded. Despite the correction ...
Friday, 11 September 20
IMO 2020: A REVIEW OF THE TRANSITION TO VLSFOS - GARD
KNOWLEDGE TO ELEVATE
Many predictions were made in the run up to the imposition of the MARPOL 2020 sulphur cap, none of which was that the tra ...
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- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Economic Council, Georgia
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Planning Commission, India
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
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