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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
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