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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 $75/ton differential a couple of months ago. This is another strong case for buyers being adaptable in that bunkering MGO could be the ‘best option’.
These developments in the Med and Singapore markets are only illustrations of what can happen in other global regions and reflects the squeezes on the VLSFO system at certain times and in certain areas. There is no ‘quick fix’ here and issues will continue to arise well beyond the January 1st IMO 2020 start date, as shipowners start burning VLSFO and will have to build and replenish VLSFO stocks on board.
We are providing buyers with access to this information and analysis on any tightness in availabilities, any constraints on terminal and barging operations and ultimately the knowledge on pricing, all of which will assist decisions in this complex and consistently changing market.
Source: Integr8 Fuels
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Tuesday, 09 June 20
BUNKER SUPPLY CONTRACTS - KEY CONSIDERATIONS FOR THE BUYER - GARD
KNOWLEDGE TO ELEVATE
Regardless of whether a buyer purchases fuel directly from physical suppliers or via brokers or traders and whether sale ...
Tuesday, 09 June 20
INDIA: COAL IMPORT DROPS BY 20% TO NEARLY 19 MILLION TONNES IN MAY, SAYS REPORT - HINDUSTAN TIMES
The country’s coal import dropped by 20 per cent to 18.93 million tonnes (MT) last month, industry data showed.
The government ...
Monday, 08 June 20
WOOD MACKENZIE: THE INDISPENSABLE OPEC+
Rumours of “the death of OPEC” have been circulating for almost as long as the organisation has existed. Just three years after the car ...
Monday, 08 June 20
CHINA'S COAL IMPORTS FALL NEARLY 20% IN MAY EVEN AS DEMAND RISES - REUTERS
China’s coal imports in May fell nearly 20% compared with a year earlier even as demand recovered at power plants and industrial users, custo ...
Monday, 08 June 20
JUNE 2020 INDONESIAN COAL PRICE REFERENCE HIT US$ 52.98 A TON, ITS LOWEST LEVEL SINCE AT LEAST AUGUST 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Australian Coal Association
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- White Energy Company Limited
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
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