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