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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Tata Chemicals Ltd - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
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