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