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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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Tuesday, 07 July 20
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Monday, 06 July 20
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Wednesday, 01 July 20
THERMAL COAL OPTIONS TRADING LAUNCHED IN CHINA'S ZHENGZHOU - XINHUA
Thermal coal options started trading on the Zhengzhou Commodity Exchange (ZCE) in central China’s Henan Province Tuesday.
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- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
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