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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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Australian Coal Association
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
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