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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, 10 April 20
INDIA'S BULKS SUPPLY CHAIN TAKES A HIT DURING LOCKDOWN - WOOD MACKENZIE
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Businesses are shut, and the supply chain is ...
Thursday, 09 April 20
SUSPENSION OF WRONGFUL TRADING IN LIGHT OF COVID 19 - WF&W
KNOWLEDGE TO ELEVATE
DIRECTORS’ PERSONAL LIABILITY FOR WRONGFUL TRADING – RELIEF DURING THE CORONAVIRUS CRISIS
As the UK&rsquo ...
Wednesday, 08 April 20
LESSONS LEARNED FROM SCRUBBER INSTALLATION AND OPERATION - ABS
KNOWLEDGE TO ELEVATE
At the beginning of this year, the IMO’s global sulfur cap on marine fuels entered into force and shipowners who ch ...
Wednesday, 08 April 20
MARKET INSIGHT - INTERMODAL
With lockdown measures around the globe tightening during the last weeks of Q1, there is finally a feeling that most countries are slowly but stead ...
Tuesday, 07 April 20
SHIPPING MARKET ANALYSIS - ALLIED
With the first quarter of 2020 now firmly written in the books, it is worth examining what we have witnessed so far in the tanker market. Undoubted ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
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