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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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Planning Commission, India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
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