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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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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Australian Coal Association
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Mintek Dendrill Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
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