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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, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- MS Steel International - UAE
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
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