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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 $75/ton differential a couple of months ago. This is another strong case for buyers being adaptable in that bunkering MGO could be the ‘best option’.
These developments in the Med and Singapore markets are only illustrations of what can happen in other global regions and reflects the squeezes on the VLSFO system at certain times and in certain areas. There is no ‘quick fix’ here and issues will continue to arise well beyond the January 1st IMO 2020 start date, as shipowners start burning VLSFO and will have to build and replenish VLSFO stocks on board.
We are providing buyers with access to this information and analysis on any tightness in availabilities, any constraints on terminal and barging operations and ultimately the knowledge on pricing, all of which will assist decisions in this complex and consistently changing market.
Source: Integr8 Fuels
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Thursday, 11 June 20
JAN-MAY, INDONESIA SHIPPED 175.15 MILLION TONS OF COAL TO ITS OVERSEAS BUYERS
Indonesia's coal production for the first 5 months of this year have reached 228 million tons. January – May 2020, Indonesia shipped US$ ...
Thursday, 11 June 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 ...
Wednesday, 10 June 20
OPEC+ CUTS EXTENSION TO ACCELERATE MARKET REBALANCING - FITCH RATINGS
Fitch Ratings-London-08 June 2020: The OPEC+ agreement to extend by one month record oil production cuts should accelerate market rebalancing, Fitc ...
Wednesday, 10 June 20
MARKET INSIGHT - INTERMODAL
In contrast to the economic projections of the past two years for the first half of 2020, the oil & gas industry and those involved in it faced ...
Wednesday, 10 June 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.19 PCT - XINHUA
China Taiyuan coal transaction price index stood at 123.71 points Monday, down 0.19 percent week on week.
The index, released by Chi ...
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- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- ICICI Bank Limited - India
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
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