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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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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Thiess Contractors Indonesia
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- Parry Sugars Refinery, India
- Anglo American - United Kingdom
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- Directorate General of MIneral and Coal - Indonesia
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- The University of Queensland
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- Mjunction Services Limited - India
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- Africa Commodities Group - South Africa
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- Iligan Light & Power Inc, Philippines
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- Minerals Council of Australia
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- Merrill Lynch Commodities Europe
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- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
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- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
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- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
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- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
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- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
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- White Energy Company Limited
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- Indian Energy Exchange, India
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- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
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- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Bhatia International Limited - India
- PTC India Limited - India
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Australian Coal Association
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
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- Vijayanagar Sugar Pvt Ltd - India
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- Georgia Ports Authority, United States
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- Kepco SPC Power Corporation, Philippines
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- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
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