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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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Central Electricity Authority - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
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