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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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Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
Wednesday, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
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Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
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- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
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