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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, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
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- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- The University of Queensland
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
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