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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, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
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- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- PTC India Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
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