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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
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- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- PTC India Limited - India
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
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