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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- London Commodity Brokers - England
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- MS Steel International - UAE
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Planning Commission, India
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
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