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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, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
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