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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, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Planning Commission, India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Australian Coal Association
- The University of Queensland
- Orica Australia Pty. Ltd.
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- White Energy Company Limited
- Bharathi Cement Corporation - India
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
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