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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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Wednesday, 12 August 20
THE COAL MARKET IN ITALY - ASSOCARBONI
Italy, which in 2019 reported a decrease in thermal coal imports, with a volume of 7,5 million tons (-32% compared to 11 million tons in 2018), whi ...
Wednesday, 12 August 20
U.S. COAL PRODUCTION IN 2020 WILL DECREASE BY 29% FROM 2019 LEVELS TO 502 MMST - EIA
U.S. coal consumption, which dropped to its lowest point since April, totaled 95 MMst in the second quarter of 2020.
EIA expec ...
Tuesday, 11 August 20
BHP COAL ASSETS WORTH A BILLION LESS THAN JUST TWO YEARS AGO - IEEFA
Another global investor, the UK’s biggest public pension fund NEST, has withdrawn funds from BHP this week because the company is profiting & ...
Monday, 10 August 20
COAL IMPORT DROPS 43% IN JULY OWING TO HIGH STOCKPILE AT PITHEADS, PLANTS - PTI
“The market participants seem to have adopted a wait and watch approach and are currently looking for a direction. We do not expect to see an ...
Saturday, 08 August 20
GLOBAL COAL POWER PUZZLE - BALTIC EXCHANGE
Global Energy Monitor’s latest Global Coal Plant Tracker has put another nail in the coffin for the coal-carrying fleet with its finding that ...
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- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Deloitte Consulting - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
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