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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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Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Thursday, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
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- Bulk Trading Sa - Switzerland
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
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