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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, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
Monday, 29 June 20
ULTRAMAX: A 58,000 FIXING DELIVERY SINGAPORE TRIP, VIA EAST COAST INDIA, REDELIVERY CHINA IN THE LOW $12,000S - BALTIC BRIEFING
Capesize
As the halfway mark of 2020 arrives, the capesize market is making new highs for the year. From persistent lows earlier caused by a ba ...
Saturday, 27 June 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
Governments a ...
Thursday, 25 June 20
ALL YOU WANT TO KNOW ABOUT COAL MINE AUCTIONS - THE HINDU BUSINESS LINE
Last week, Prime Minister Narendra Modi threw open the auction of 41 coal blocks for commercial mining. The decision, which was part of the announc ...
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- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
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- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
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- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
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- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Bhatia International Limited - India
- Economic Council, Georgia
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- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
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- Thai Mozambique Logistica
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- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
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