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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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Monday, 20 July 20
COAL INDIA LAUNCHES SPECIAL CATEGORY OF E-AUCTION FOR COAL IMPORTERS - BUSINESS STANDARD
Coal India (CIL) on Friday launched a special category of e-auction for importers of coal. This is in line with the government’s declaration ...
Monday, 20 July 20
OIL PRICE OF $40-43 PER BARREL MORE OR LESS BALANCED - NOVAK | TASS
The Russian Ministry of Energy considers the current oil price of $40-43 per barrel more or less balanced and does not expect price changes after t ...
Monday, 20 July 20
SUPRAMAX: A 63,000 OPEN NORTH CHINA FIXING AN AUSTRALIAN ROUND IN THE LOW $10,000S - BALTIC BRIEFING
Capesize
The capesize market showed some resistance this week to recent losses as all routes saw a small uptick in value to end the week. With ...
Friday, 17 July 20
MISC MALAYSIA ENTERS INTO PURCHASE AGREEMENTS AND TIME CHARTER PARTIES FOR SIX VLECS
MISC Berhad (MISC) has entered into Memorandum of Agreements (MOAs) with six indirect wholly-owned subsidiaries of Zhejiang Satellite Petrochem ...
Wednesday, 15 July 20
HOW MEANINGFUL ARE SOME ESTIMATES FOR INDIA’S COAL CONSUMPTION DATA? - IEEFA
In recent years, BP's estimates for India have contained what appears to be a record of over-optimistic projections
BP’s a ...
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- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Commonwealth Bank - Australia
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Posco Energy - South Korea
- PTC India Limited - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
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