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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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- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Renaissance Capital - South Africa
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- PTC India Limited - India
- Star Paper Mills Limited - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- The University of Queensland
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
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