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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
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