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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, 10 July 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 10 July 20
GLOBAL SHIPPING EARNINGS FORECAST CUT AS SUPPLY SET TO OUTSTRIP DEMAND - MOODY'S
EBITDA forecast worsens, keeping outlook negative. We now expect the aggregate EBITDA of rated shipping companies to fall by around 16%-18% in 2020 ...
Friday, 10 July 20
SLOW RECOVERY IN TANKER RATES TO WEIGH ON BUANA LINTAS LAUTAN - FITCH RATINGS
Fitch Ratings believes that international tanker rates are likely improve after their sharp fall since May 2020, albeit at a slow pace. The weaknes ...
Wednesday, 08 July 20
MARKET INSIGHT - INTERMODAL
During the previous month, the dry bulk market witnessed an impressive increase in the BDI index that has reached 1800 points from 500 with a clear ...
Tuesday, 07 July 20
COAL INDIA WORKERS STRIKE CUTS OUTPUT BY 56%: OFFICIAL - REUTERS
A strike at Coal India Ltd cut production by 56% in the three days ending July 4 as workers oppose opening up coal mining to the private sector, a ...
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- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Planning Commission, India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Minerals Council of Australia
- The University of Queensland
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Australian Coal Association
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
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