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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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Friday, 31 July 20
BOTSWANA PLANS MORE COAL-FIRED POWER AS AFRICAN SOLAR ACCELERATES - IEEFA
An African economic leader like Botswana should embrace solar to reduce subsidies and tariff hikes
As Sub-Saharan solar ambition has ...
Wednesday, 29 July 20
2019 U.S. COAL PRODUCTION FALLS TO ITS LOWEST LEVEL SINCE 1978 - EIA
In 2019, U.S. coal production totaled 706 million short tons (MMst), a 7% decrease from the 756 MMst mined in 2018. Last year’s production wa ...
Wednesday, 29 July 20
MARKET INSIGHT - INTERMODAL
The dry bulk sector is beginning to recover from reduced SnP activity recorded in the first quarter of 2020. The table below illustrates that appro ...
Tuesday, 28 July 20
DEUTSCHE BANK TO END GLOBAL BUSINESS ACTIVITIES IN COAL MINING BY 2025 - REUTERS
Deutsche Bank, in a revamp of its policies for fossil fuels, said on Monday that it would end business activities worldwide related to coal mining ...
Monday, 27 July 20
IEEFA ENERGY FINANCE CONFERENCE 2020: COAL, LNG, PETROCHEMICAL SECTORS FACE POOR OUTLOOK AND UPHILL BATTLE FOR INVESTORS
Fossil fuel industries were becoming less financially attractive even before the global coronavirus pandemic
Three major fossil fuel ...
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- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Planning Commission, India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
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