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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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Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Chamber of Mines of South Africa
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- Australian Coal Association
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
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