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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, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- White Energy Company Limited
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Meralco Power Generation, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
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