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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, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Thai Mozambique Logistica
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
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