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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
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