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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, 14 May 20
OPEC REVISES DOWN GLOBAL OIL DEMAND FORECAST AGAIN
Crude Oil Price Movements
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Thursday, 14 May 20
NEW COVID-19 GUIDELINES FOCUS ON SAFE INTERFACE BETWEEN SHIP AND SHORE STAFF - GARD
At a time when the COVID-19 pandemic is affecting the global population, it is important that ships’ crew and port workers protect each other ...
Wednesday, 13 May 20
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The index, released by Chin ...
Tuesday, 12 May 20
IN THE FIRST 4 MONTHS OF 2020, SOUTH KOREA IMPORTED 46.6 MLN TONNES OF CRUDE OIL BY SEA, A NET DECLINE OF 14.1% YOY - BC
South Korea is certainly one of the countries which has handled better the current Covid-19 crisis. In the first week of May 2020, new cases of ...
Tuesday, 12 May 20
OIL MARKET TURBULENCE PIVOTS FOCUS ON FLOATING STORAGE TECHNICAL NEEDS - LLOYD'S REGISTER
KNOWLEDGE TO ELEVATE
Negative oil prices and off-the-scale volatility in crude markets are positive for floating storage, as the next chapter ...
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- Parliament of New Zealand
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- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
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- Economic Council, Georgia
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- IEA Clean Coal Centre - UK
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- Planning Commission, India
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- Tata Chemicals Ltd - India
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- Intertek Mineral Services - Indonesia
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- Electricity Authority, New Zealand
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- Therma Luzon, Inc, Philippines
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- Indonesian Coal Mining Association
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- Eastern Energy - Thailand
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- Australian Coal Association
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- Tamil Nadu electricity Board
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- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
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- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
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- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
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- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
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- Cement Manufacturers Association - India
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- Chamber of Mines of South Africa
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- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
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