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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, 17 June 20
MARKET INSIGHT - INTERMODAL
After experiencing record earnings during the first half of the year, the focus of headlines concerning the tanker market has shifted from the deve ...
Wednesday, 17 June 20
KOREA SOUTHERN POWER CO INVITED 80000 MT OF LOW CALORIFIC VALUE COAL FOR AUGUST 1H, 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 Metric Tons (MT) Min 4,200 kcal/kg - Max. ...
Tuesday, 16 June 20
A GLOBAL ECONOMIC SLUMP: WHAT WILL IT MEAN FOR METALS AND MINING? - WOOD MACKENZIE
Back before coronavirus knocked “normal” out cold, the key issues for miners were sub-investment prices, rising requirements for ESG an ...
Tuesday, 16 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.58 PCT - XINHUA
China Taiyuan coal transaction price index stood at 124.43 points Monday, up 0.58 percent week on week.
The index, released by China ...
Tuesday, 16 June 20
HIGHER IRON ORE PRICES OFFSET CORONAVIRUS-DRIVEN PRODUCTION RISK - FITCH RATINGS
Lower iron ore production in Brazil, resulting from rising coronavirus infections, should only marginally affect the cash flow of Vale and other gl ...
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- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- The University of Queensland
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
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