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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, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
Wednesday, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
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- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Economic Council, Georgia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
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