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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, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Parliament of New Zealand
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Indian Energy Exchange, India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Central Electricity Authority - India
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