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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Planning Commission, India
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
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