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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, 05 August 20
SLUMP IN OIL REVENUE CHALLENGES MIDDLE EAST OIL EXPORTERS - INTERMODAL
The Covid-19 pandemic has had far-reaching consequences on the global capital markets. Despite the US government’s efforts for a quick and de ...
Tuesday, 04 August 20
KOEN INVITED BIDS FOR TOTAL 900K MT OF MIN 5600 NCV COAL FOR 3 YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 260,000 to 300,000 Tons (MT) min. ...
Tuesday, 04 August 20
THE WORLD’S FLEET OF COAL-FIRED POWER STATIONS HAS GOT SMALLER FOR THE FIRST TIME ON RECORD, WITH MORE CAPACITY RETIRED IN THE FIRST HALF OF 2020 THAN THE AMOUNT OPENED - IEA
This is according to the latest Global Coal Plant Tracker (GCPT) results by Global Energy Monitor (GEM), which we completed last month and report f ...
Monday, 03 August 20
U.S. COAL CONSUMPTION, WHICH HAS DECLINED SINCE ITS 2007 PEAK, FELL TO ITS LOWEST POINT IN APRIL 2020 - EIA
According to the U.S. Energy Information Administration’s (EIA) most recent Monthly Energy Review, the United States consumed 6.5 quadrillion ...
Monday, 03 August 20
LOW OIL PRICE AND CORONA VIRUS HIT SUB-SAHARAN AFRICA OIL PRODUCERS - FITCH RATINGS
The collapse in oil prices and the coronavirus shock is worsening the fiscal and external balances of sub-Saharan African oil producers, Fitch Rati ...
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- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Posco Energy - South Korea
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
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