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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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Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- London Commodity Brokers - England
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Planning Commission, India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
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