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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, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
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