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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, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Economic Council, Georgia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
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- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
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- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
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- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Xindia Steels Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sarangani Energy Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
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