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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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Thursday, 16 January 20
SUPRAMAX: INDO/CHINA ROUND VOYAGE FIXING AROUND LOW/MID USD 6,000 BSS APS INDO - FEARNLEYS
Capesize
Still very rough seas for the big ships, with the majority of the fleet trading Far East or fronthaul and consequently earning far les ...
Wednesday, 15 January 20
ASIA PACIFIC GAS AND LNG - 6 THEMES TO WATCH IN 2020 - WOOD MACKENZIE
NEWS RELEASE
Wood Mackenzie has identified six themes that will impact Asia Pacific’s gas and LNG markets in 2020
Asian LNG spot pr ...
Wednesday, 15 January 20
PREDICTIONS FOR 2020: 'SLOWBALISATION" IS THE NEW GLOBALISATION - PWC
Projecting what the future holds is an important exercise for businesses looking to plan ahead. Below we present a summary of some of the themes we ...
Wednesday, 15 January 20
SHIPPING MARKET INSIGHT - INERMODAL
Happy New Year and all the best for IMO 2020 !!
The early days of IMO 2020 coming into force have certainly had an impact on the indus ...
Tuesday, 14 January 20
SOLAS AMENDMENTS ENTERING INTO FORCE 1 JANUARY 2020 - STANDARD CLUB
While the latest amendments to MARPOL annex VI which entered into force on 1 January 2020 limiting the SOx emissions from ships has been the centre ...
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- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
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