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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, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
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- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Australian Coal Association
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Deloitte Consulting - India
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