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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, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
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