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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, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- MS Steel International - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
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