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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, 15 July 20
CHINA'S JUNE COAL IMPORTS FALL 6.7% Y/Y ON PORT CURBS - REUTERS
China’s coal imports dropped 6.7% in June from the same period last year, as stringent import restrictions at ports impeded purchases by trad ...
Wednesday, 15 July 20
MARKET INSIGHT - INTERMODAL
The Covid-19 virus spread around the world has obviously impacted the global oil demand while the situation remains fluid. The overall constraint ...
Tuesday, 14 July 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.75 PCT - XINHUA
China Taiyuan coal transaction price index stood at 126.01 points Monday, up 0.75 percent week on week.
The index, released by China ...
Tuesday, 14 July 20
TURKEY - A CASE OF UNDECLARED BUNKER - GARD
KNOWLEDGE TO ELEVATE
Undeclared/excess bunkers can be considered a criminal act by Turkish customs officials with the ship's crew being ac ...
Monday, 13 July 20
PANAMAX: A TUMULTUOUS WEEK IN THE PANAMAX MARKET ENSURED ALL MARKETS GAINED VALUE ON THE WEEK - BALTIC BRIEFING
Capesize
This week witnessed the dreaded correction in the Capesize market, with the time charter average shedding almost 18 per cent to close ...
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- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- The University of Queensland
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
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