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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- White Energy Company Limited
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Marubeni Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- The University of Queensland
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
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