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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
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- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- PTC India Limited - India
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Aditya Birla Group - India
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Australian Coal Association
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
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