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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, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
Monday, 02 December 19
OPEC PREPS FOR OIL'S 2020 BALANCING ACT - WOOD MACKENZIE
What steps should OPEC and its non-OPEC partners take to keep the market in balance in 2020? Ahead of OPEC’s meeting in Vienna on 5 and 6 Dec ...
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- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- PTC India Limited - India
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
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