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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- London Commodity Brokers - England
- ICICI Bank Limited - India
- PTC India Limited - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- White Energy Company Limited
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
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