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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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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- White Energy Company Limited
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
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