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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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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Attock Cement Pakistan Limited
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- PTC India Limited - India
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Australian Coal Association
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
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