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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, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Minerals Council of Australia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
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