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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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Tuesday, 04 February 20
CAPE: THE AVERAGE EARNINGS PER DAY FELL BENEATH THE USD 4,000, A LEVEL CONSIDERABLY BELOW EVEN THE MOST CONSERVATIVE OPEX LEVELS - ALLIED
The recent slump in the dry bulk freight market may well have been expected to some degree, but despite this the shock was still overwhelming when ...
Monday, 03 February 20
KOWEPO INVITING BIDS FOR 2.46 MILLION TONS OF MIN.5700 AND MIN.5600 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,460,000 tons of (Sub) Bitum ...
Sunday, 02 February 20
NOVEL CORONAVIRUS OUTBREAK IN CHINA - STANDARD CLUB
Members will be aware of the recent novel coronavirus outbreak in China, which has now been declared a global emergency by the World Health Organis ...
Sunday, 02 February 20
SUPRAMAX: A 52,000DWT SHIP WAS FIXED BASIS DELIVERY SOUTH KALIMANTAN TRIP TO INDIA, AT $6,000 - BALTIC BRIEFING
Capesize
The week proved conspicuous for all the wrong reasons. This was the week when the Baltic Capesize Index (BCI) turned negative, closing ...
Saturday, 01 February 20
50 MILLION PEOPLE QUARANTINED IN CHINA TO CONTAIN SPREAD OF CORONAVIRUS - HOW DOES IT AFFECT SHIPPING? - BIMCO
The outbreak of the novel coronavirus, declared a global health emergency by the WHO, has caused massive uncertainty across the global markets with ...
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- Formosa Plastics Group - Taiwan
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- The University of Queensland
- Parliament of New Zealand
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- PTC India Limited - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Minerals Council of Australia
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Planning Commission, India
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