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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Tata Chemicals Ltd - India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- The University of Queensland
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- PTC India Limited - India
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
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