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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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Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
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