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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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Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
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- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
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