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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, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Mjunction Services Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Planning Commission, India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
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