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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 $75/ton differential a couple of months ago. This is another strong case for buyers being adaptable in that bunkering MGO could be the ‘best option’.
These developments in the Med and Singapore markets are only illustrations of what can happen in other global regions and reflects the squeezes on the VLSFO system at certain times and in certain areas. There is no ‘quick fix’ here and issues will continue to arise well beyond the January 1st IMO 2020 start date, as shipowners start burning VLSFO and will have to build and replenish VLSFO stocks on board.
We are providing buyers with access to this information and analysis on any tightness in availabilities, any constraints on terminal and barging operations and ultimately the knowledge on pricing, all of which will assist decisions in this complex and consistently changing market.
Source: Integr8 Fuels
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Sunday, 30 August 20
PANAMAX - THIS WEEK THE DEMAND HAS PICKED UP, BUT THE TONNAGE LIST IS INCREASING DAY BY DAY - FEARNLEYS
Cape Size
More or less flat from previous week, with cape rates moving from US$ 19,500 to 18,900 on average. West Australia however being more ...
Saturday, 29 August 20
COAL INDIA'S FUEL SUPPLY TO POWER SECTOR DROPS ABOUT 20% IN APR-JUL: PTI
State-owned Coal India”s fuel supply to the power sector registered a decline of 19.5 per cent to 126.30 million tonnes (MT) in the April-Jul ...
Saturday, 29 August 20
SOUTH KOREAN BROKERAGE FIRM KOREA INVESTMENT & SECURITIES TO STOP ALL COAL BUSINESS - KOREA HERALD
South Korean brokerage firm Korea Investment & Securities has decided to stop its investments in coal, in line with the Moon Jae-in administrat ...
Thursday, 27 August 20
KOREAN GENCOS INVITED BIDS FOR TOTAL 985,000 TONS OF BITUMINOUS COAL FOR NOVEMBER 2020 LOADING
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) on behalf of EWP, KOSPO, KOSEP and KOWEPO has issued an international tender for total 985,000 ...
Thursday, 27 August 20
SOUTHEAST ASIAN NATIONS SET REGION-WIDE RENEWABLE ENERGY GOAL OF 23 PERCENT BY 2025 - ASEAN POST
The Association of Southeast Asian Nations (ASEAN) has set an ambitious target of securing 23 percent of its primary energy from renewable so ...
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- Eastern Coal Council - USA
- PTC India Limited - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- The University of Queensland
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Planning Commission, India
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
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