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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, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
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