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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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Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Bhatia International Limited - India
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- Parliament of New Zealand
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- MS Steel International - UAE
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
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