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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Central Electricity Authority - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
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