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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, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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