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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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Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- The University of Queensland
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
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