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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Petrochimia International Co. Ltd.- Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- The University of Queensland
- Wood Mackenzie - Singapore
- Planning Commission, India
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Globalindo Alam Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Posco Energy - South Korea
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
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