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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, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- The University of Queensland
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- MS Steel International - UAE
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Australian Coal Association
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
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