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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Australian Coal Association
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
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