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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, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
Thursday, 07 May 20
UKRAINE PRODUCES 2.5 MLN TONNES OF COAL IN APRIL - UKRINFORM
Ukraine produced 2.5 million tonnes of coal in April 2020, which is 39% less than planned, according to the Coal Miners Union of Ukraine.
...
Thursday, 07 May 20
INDIA: GOVT TO DO AWAY WITH MANDATORY WASHING OF COAL FOR THERMAL POWER UNITS - BUSINESS STANDARD
The Centre is planning to do away with the mandatory requirement of washing of coal before it is transported to thermal power stations. The Ministr ...
Thursday, 07 May 20
CIL'S SUPPLY TO POWER SECTOR FALLS IN MARCH AMID SLUMP IN COAL DEMAND - PTI
The supply of coal to the power sector by state-owned CIL registered a decline of eight per cent to 42.30 million tonne in March in the wake of slu ...
Thursday, 07 May 20
COAL PRICE REFERENCE FALL SHARPLY IN MAY 2020 DUE TO CORONAVIRUS OUTBREAK
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
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