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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, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Parliament of New Zealand
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
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