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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, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
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